This study examined Taiwanese listed company and OTC (Over-the-Counter) firms to explore empirically managerial overconfidence and compensation incentives induced risk-taking, and the impact on accrualbased earnings management (AEM) and real earnings management (REM). The study results show that...

At present, there are two main explanations for market anomalies, namely, risk-based and behavioral. While the risk-based perspective states that abnormal returns arise owing to investors undertaking financial risks, the behavioral perspective states that abnormal returns arise owing to investor...