Wang, Xia; Wu, Min - In: China journal of accounting research : CJAR 4 (2011) 4, pp. 167-196
earnings mainly via below-the-line items to avoid losses and promote survival, rather than to support refinancing goals. Such …. Furthermore, we find the market to be relatively insensitive to such admissions. Investors’ reactions capture only the earnings … reporting. However, the equity market does not completely ignore the earnings information. Investors’ reliance on earnings is …