臺灣博碩士論文加值系統

We investigate the long-run operating and stock performances of 312 convertible bond offerings from 1981 to 1998. Our results show that aggressive earnings management by managers of convertible bond offerings firms leads to subsequent poor operating and stock performances, just in the case of IPOs and SEOs. Further, we find that there exists a negative relationship between earnings management and the post-issue performances.

We investigate the long-run operating and stock performances of 312 convertible bond offerings from 1981 to 1998. Our results show that aggressive earnings management by managers of convertible bond offerings firms leads to subsequent poor operating and stock performances, just in the case of IPOs and SEOs. Further, we find that there exists a negative relationship between earnings management and the post-issue performances.

Table of Contents

I. Introduction……………………………………………………………… 1
II. Literature Review……………………………………………………….. 4
III. Data and Methodologies………………………………………………… 8
A. Sample Selection………………………………………………………. 8
B. Earnings Management and Tested Hypotheses……………………….. 9
C. Methodologies and Descriptive Statistics……………………………... 10
IV. Empirical Results……………………………………………………….. 20
A. Discretionary Current Accruals (DCA) around CBOs………………… 20
B. Post-Offering Operating Performance………………………………… 21
C. Post-offering Long Run Stock Performance………………………….. 23
V. Conclusion………………………………………………….............. 28
Appendix……………………………………………………………………….. 29

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