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  1. Earnings management and managerial honesty: the investors' perspectives
    Autor*in: Gibson, Rajna; Sohn, Matthias; Tanner, Carmen; Wagner, Alexander F.
    Erschienen: [2020]
    Verlag:  [Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University], [Frankfurt am Main, Germany]

    Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how this perception - in conjunction... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 778
    Fernleihe:
    keine Fernleihe

     

    Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how this perception - in conjunction with their own social and moral preferences - shapes their investment choices. We conduct two laboratory experiments simulating investment choices. Our results show that participants perceive a CEO to be more committed to honesty when they infer that the CEO engaged less in earnings management. For investment decisions, a one standard deviation increase in a CEO's perceived commitment to honesty compared to another CEO reduces the relevance of differences in the CEOs' claimed future returns by 40%. This effect is most prominent among investors with a proself value orientation. To prosocial investors, their own honesty values and those attributed to the CEO matter directly, while returns play a secondary role. Overall, perceived CEO honesty matters to different investors for distinct reasons.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/244687
    Schriftenreihe: [LawFin working paper] ; [no. 7]
    Schlagworte: earnings management; honesty; investor preferences; investor segmentation; protected values
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  2. Private Equity Fund Valuation Management During Fundraising
    Autor*in: Baik, Brian K.
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values, or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values, or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g., valuation multiples), influencing the financial metrics (e.g., EBITDA and sales) reported by the private firms in their portfolios, or both. Using a sample of buyout funds and their portfolio firms in Europe, I find that funds managed by low reputation GPs show more dramatic forms of NAV inflation by managing upward not only valuation multiples but also portfolio firm earnings. The results are robust to a number of alternative explanations. Low reputation GPs that employ some form of earnings management show success in fundraising. Overall, I illustrate the mechanisms behind inflated fund valuations during fundraising periods and provide evidence supporting the argument that low reputation GPs are more likely to manipulate NAVs than time fundraising periods

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Harvard Business School Accounting & Management Unit Working Paper ; No. 23-013
    Schlagworte: Private equity; institutional investors; valuation multiples; earnings management; private firms
    Umfang: 1 Online-Ressource (70 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 21, 2022 erstellt
  3. IPO's long-run performance
    hot market versus earnings management
    Autor*in: Lin, Tsai-Yin; Yu, Jerry; Lin, Chia-Yi
    Erschienen: 2021

    One of the IPO-related anomalies that have been well-discussed in the finance literature is the IPO's long-running underperformance. Two of the major explanations of that phenomenon are: "Hot market" and earnings management. This study investigates... mehr

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    Verlag (kostenfrei)
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    One of the IPO-related anomalies that have been well-discussed in the finance literature is the IPO's long-running underperformance. Two of the major explanations of that phenomenon are: "Hot market" and earnings management. This study investigates the relative importance of these two explanations to the IPO's long-run underperformance. Our results show that although both hot market and earnings management play a role in explaining IPO's long-run performance in their own rights, earnings management no longer exhibits significant explanatory power when the IPOs are issued in the cold market. While the IPOs that are issued in the hot market still tend to underperform in the long run even if the firms do not engage in earnings management. Our findings are consistent with the literature related to the information asymmetry in IPO market. And, because the information asymmetry is more severe in hot market condition, IPOs issued in hot market tend to exhibit poorer returns than those issued in cold market.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Aufsatz aus einer Zeitschrift
    Format: Online
    Weitere Identifier:
    hdl: 10419/239548
    Übergeordneter Titel: Enthalten in: Journal of risk and financial management; Basel : MDPI, 2008; 14(2021), 3 vom: März, Artikel-ID 132, Seite 1-16; Online-Ressource

    Schlagworte: Börsengang; Emissionskurs; Underpricing; Unternehmenserfolg; Bilanzpolitik; Asymmetrische Information; Aktienindex; USA; hot market; cold market; earnings management; hot market; information asymmetry; IPO; IPO's long-run under performance
  4. Tax and financial reporting aggressiveness
    evidence from Europe
    Autor*in: Fernandes, Alexandra; Cerqueira, Antonio; Brandão, Elísio
    Erschienen: [2017]
    Verlag:  School of Economics and Management, University of Porto, Porto

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
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    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: FEP working papers ; n. 597 (nov 2017)
    Schlagworte: Tax planning; earnings management; book tax differences; aggressive financial report; aggressive tax report
    Umfang: 1 Online-Ressource (circa 49 Seiten)