跳到主要內容

臺灣博碩士論文加值系統

(35.172.136.29) 您好!臺灣時間:2021/07/25 01:34
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:林映君
研究生(外文):Ying-Chun Lin
論文名稱:檢視現金增資績效之迷思
論文名稱(外文):Research on the Puzzle of Performance in Seasoned Equity Offerings Firms
指導教授:吳瑞萱吳瑞萱引用關係
指導教授(外文):Ruei-Shian Wu
學位類別:碩士
校院名稱:元智大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:35
中文關鍵詞:分析師持有期間報酬盈餘管理未來成長機會錯價現金增資
外文關鍵詞:AnalystBuy-and-Hold ReturnEarnings managementGrowthMispricingSeasoned Equity Offerings
相關次數:
  • 被引用被引用:0
  • 點閱點閱:138
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究運用Rhodes-Kropf, Robinason, and Viswanathan (RKRV, 2005)之模型判別現金增資公司被市場錯價的程度,藉以探討公司於現金增資前,市場錯價與盈餘管理之關聯性,並探討現金增資後,其錯價程度與股價表現之關係。再者,本研究亦藉由分析師的角色來一窺現金增資前之錯價情形。實證結果顯示,公司在現金增資前,可能利用市場對公司股價之錯價而進行盈餘管理。但公司若具高的未來成長機會則不傾向進行操縱盈餘。針對現金增資公司之股價表現,本研究發現,雖投資者不了解公司是否被錯價,但卻能反映公司是否具未來成長機會。此外,分析師是否具辨別公司被錯價之能力,實證結果為分析師無法知道公司是否被錯價。
Prior literature documents firms’ subsequent long-run underperformance of seasoned equity offerings (SEO), which has known as the new issues puzzle. This study investigates whether the capital market mispricing leads to engage in earnings management before SEO and contributes to less post-issue stock returns. Further, this study also examines information intermediary’s role of analysts. The empirical results present that the mispricing is positively correlated with earnings management. Moreover, firms which have long-run growth opportunities are less likely to manipulate earnings. From the stock performance, we find that investors do not discriminate highly mispriced firms from less mispriced. However, they can profit from investing firms with growth options. In addition, the evidence is inconsistent with analyst forecast rationality suggested in prior studies.
CONTENT
ABSTRACT III
ACKNOWLEDGEMENTS IV
CONTENT V
LIST OF TABLE VII
1. MOTIVATION & LITERATURE REVIEW 1
2. HYPOTHESIS DEVELOPMENT 4
2.1 EARNINGS MANAGEMENT AND MISPRICING 4
2.2 ANALYSTS CHARACTERISTICS AND MISPRICING 5
2.3 STOCK PERFORMANCE AND MISPRICING 5
3. RESEARCH DESIGN 6
3.1 DATA AND SPECIFICATION 6
3.2 MEASUREMENT OF MISPRICING 6
3.3 MODEL DESCRIPTION 9
3.3.1 Earnings Management and Mispricing 9
3.3.2 Analysts Characteristics and Mispricing 10
3.3.3 Stock Price Performance and Mispricing 10
3.4 MEASUREMENT OF EARNINGS MANAGEMENT 11
3.5 MEASUREMENT OF ANALYST FORECAST PROPERTIES 12
3.5.1 Forecast Accuracy 12
3.5.2 Forecast Dispersion 12
3.6 MEASUREMENT OF STOCK PERFORMANCE BUY AND HOLD RETURN 13
3.7 MEASUREMENT OF CONTROL VARIABLES 13
3.7.1 Measurement of Determinant of Earnings Management 13
3.7.2 Measurement of Determinant of Analyst Characteristics 14
3.7.3 Measurement of Determinant of Stock Performance 15
4. EMPIRICAL RESULTS 17
4.1 SAMPLE DESCRIPTION 17
4.2 EARNINGS MANAGEMENT AND MISPRICING 18
4.4 STOCK PRICE PERFORMANCE AND MISPRICING/GROWTH 18
5. CONCLUSION AND SUGGESTION 20
5.1 CONCLUSION 20
5.2 FUTURE RECOMMENDATION 20
REFERENCE 29
APPENDIX 35
Reference
1. Abarbanell, J., and R. Lehavy. Biased Forecasts or Biased Earnings? The Role of Earnings Management in Explaining Apparent Optimism and Inefficiency in Analysts’ Earnings Forecasts. Journal of Accounting and Economics (2002), 105-146.
2. Abarbanell, J. and R. Lehavy. Biased Forecasts or Biased Earnings? The Role of Reported Earnings in Explaining Apparent Bias and over/underreaction in Analysts’ Earnings Forecasts. Journal of Accounting and Economics (2003), 105-204.
3. Ang. J., and S. Ciccone. Analyst Forecasts and Stock Returns. Working Paper, Florida State University. Tallahassee, FL., 2001.
4. Baker, M. P., J. C. Stein, and J. Wurgler. When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms. Quarterly Journal of Economics (2003), 969-1005.
5. Barber, B. M., and J. D. Lyon. Detecting Long-Run Abnormal Stock Returns: The Emirical Power and Specification of Test Statistics. Journal of Finacial Economics (1997), 341-372.
6. Barron. O., O. Kim. S. Lim. and D. Stevens. Using Analyst Forecasts to Measure Properties of Analyst’ Information Environment. The Accounting Review (1998), 421-434.
7. Bayless, M., and S. Chaplinsky. Is There a Window of Opportuntiy for Seasoned Equity Issuance? The Journal of Finance (1996), 253-278.
8. Becker, C. L., M. L. DeFond, J. Jiambalvo, K. R. Subramanyam. The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research (1998), 1-24.
9. Bhushan, R. Firm Characteristics and Analyst Following. Journal of Accounting and Economics (1989), 225-274.
10. Blume, M.,l and R. F. Stambaugh. Biases in Computed Returns: An Application to the Size Effect. Journal of Financial Economics (1983), 387-404.
11. Brown, L., and J. Han. The Impact of Annual Earnings Announcements on Convergence of Beliefs. The Accounting Review (1992), 862-875.
12. Brown, L. Earnings Forecasting Research: its implications for capital markets research. International Journal of Forecasting (1993), 295-320.
13. Brown, L. Analyst Forecasting Errors: Additional Evidence. Financial Analyst Journal (1997), 81-88.
14. Brown, L. A Temporal Analysis of Earnings Surprises: Profits versus Losses. Journal of Accounting Research (2001), 221-241.
15. Brown, L., R. Hagerman, P. Griffin, and M. Zmijewski. An Evaluation of Alternative Proxies for the Market’s Assessment of Unexpected Earnings. Journal of Accounting and Economics (1987), 159-193.
16. —. Analyst Forecasting Errors: Additional Evidence. Financial Analyst Journal (1996), 81-88.
17. Burgstahler, D., and I. Dichev. Earnings Management to Avoid Earnings Decreases and Losses. Journal of Accounting and Economics (1997), 99-126.
18. Chan, L., J. Karceski, and J. Lakonishok. The Level and Persistence of Growth Rates. Journal of Finance (2003), 643-684.
19. Ciccone, S. Analyst Forecast Properties, Financial Distress, and Business Risk. Working Paper. University of New Hampshire, 2001.
20. Clement, M. Analyst Forecast Accuracy: Do Ability, Resources and Portfolio Complexity Matter? Journal of Accounting and Economics (1999), 285-303.
21. Collins D. W., and P. Hribar. Earnings-Based and Accrual-Based Market Anomalies: One Effect or Two? Journal of Accounting and Economics (2000a), 101-123.
22. Conrad. J., and G. Kaul. Long-Term Market Overreaction or Biases in Computed Returns. Journal of Finance (1993), 39-63.
23. Daniel, K., D. Hirshleifer, and A. Subrahmanyam. Investor Psychology and Security Market Under- and Over-reactions. Journal of Finance (1998), 1939-1886.
24. Das, S., C. Levine., and K. Sivaramakrishnan, Earnings Predictability and Bias in Analysts’ Earnings Forecasts. The Accounting Review (1998), 277-294.
25. Dechow, P. M. Accounting Earnings and Cash Flows as Measures of Firm Performance. Journal of Accounting and Economics (1994), 3-42.
26. Dechow, P. M., R. G. Sloan and A. P. Sweeney. Detecting Earnings Management, The Accounting Review (1995), 193-225.
27. DeFond, M. L., and J. Jiambalvo. Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting and Economics (1994), 145-176.
28. DeFond, M. L., and C. W. Park. The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises. The Accounting Review (2001), 375-404.
29. Diether, K., C. Malloy, and A. Scherbna. Difference of Opinion and the Cross Section of Stock Returns. The Journal of Finance (2002), 2113-2141.
30. Dye, R. Earnings Management in an Overlapping Generations Model. Journal of Accounting Research (1988), 195-235.
31. Elgers, P. T., M. H. Lo, and R. J. Pfeiffer Jr. Delayed Security Price Adjustments to Financial Analysts’ Forecasts of Annual Earnings. The Accounting Review (2001), 613-632.
32. Ellion, J., and D. Philbrick. Accounting Changes and Earnings Predictability. The Accounting Review (1990), 157-174.
33. Gilchrist, S., C. Himmelberg, and G. Huberman. Do Stock Price Bubbles Influence Corporate Investment? Journal of Monetary Economics (2005), 805-827.
34. Gu, Z., and J. Xue. Earnings Levels, Earnings Changes and Analyst Forecast Bias: Another Look. Working Paper, Carnegie Mellon University.
35. Gu, Z., and J. S. Wu. Earnings skewness and Analyst Forecast Bias. Journal of Accounting and Econcomics (2003), 5-29.
36. Hanna, D. Analysts’ Earnings Forecasts and the Recognition of Special Items. Working Paper, University of Chicago (1999).
37. Hong, H., T. Lim, J. Stein. Bad News Travels Slowly: Size, Analyst Coverage and the Profitability of Momentum Strategies. Journal of Finance (2000), 265-295.
38. Hribar, P., and D.W. Collins. Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research (2002), 105-135.
39. Hwang, L., C. Jan, and S. Basu. Loss Firms and Analysts’ Earnings Forecast Errors. Journal of Financial Statement Analysis (1996), 18-30.
40. Imhoff, E., and G. Lobo. The Effect of Ex Ante Earnings Uncertainty on Earnings Response Coefficients. The Accounting Review (1992), 427-439.
41. Jegadeesh, N. Long-Term Performance of Seasoned Equity Offerings: Benchmark Errors and Biases in Expectation. Financial Management (2000), 5-30.
42. Jegadeesh, N., J. Kim, S. Krische, and C. M. C. Lee. Analyzing the Analysts: When Do Recommendations Add Value? Journal of Finance (2004), 1083-1124.
43. Jones, J. Earnings Management During Import Relief Investigations. Journal of Accounting Research (1991), 193-228.
44. Kang, S., J. O’Brien, and K. Sivaramakrishnan. Analysts’ Interim Earnings Forecast: Evidence on the Forecasting Process. Journal of Accounting Research (1994), 103-112.
45. Konrad, W., and D. Greising. Are Analysts Putting Their Mouth Where the Money is? Business Week (1989).
46. Kothari, S. P., A. J. Leone, and C. E. Wasley, Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics (2005), 163-197.
47. Kross, W., B. T. Ro, and D. Schroeder. Earnings Expectations: The Analysts’ Information Advantage. The Accounting Review (1990), 461-476.
48. La Porta, R. Expectations and the Cross-Section of Stock Returns. Journal of Finance (1996), 1715-1742.
49. Lakonishok, J., A., Shleifer, and R., Vishny. Contrarian investment, extrapolations, and risk. Journal of Finance (1994), 1541-1578.
50. Lang, M., and R. J. Lundholm. Corporate Disclosure Policy and Analyst Behavior. The Accounting Review (1996), 467-492.
51. Lee, B., and B. Choi. Discretionary Accruals, the Dispersion of Earnings Forecasts, and the Accuracy of Earnings Forecasts over the Forecasting Horizon. American Business Review (2000), 34-42.
52. Lim, T. Rationality and Analyst Forecast Bias. Journal of Finance (2001), 369-385.
53. Loughran, T., and J. R. Ritter. The New Issue Puzzle. Journal of Finance (1995), 23-51.
54. Loughran, T., and J. R. Ritter. The Operating Performance of Firms Conducting Seasoned Equity Offerings. Journal of Finance (1997), 1823-1850.
55. Lyon, J. D., Brad M. Barber, and C. L. Tsai. Improved Methods for Tests of Long-Run Abnormal Stock Returns. Journal of Finance (1999), 165-201.
56. Lys, T., and S. Sohn. The Association between Revisions of Financial Analysts’ Earnings Forecasts and Security-Price Changes. Journal of Accounting and Economics (1990), 341-363.
57. Masulis, R. The Impact of Capital Structure Change of Firm Value:Some Estimates, Journal of Finance (1983), 107-126.
58. Morse, D., S. Jens, and E. Stice. Earnings Announcements and the Convergence (or Divergence) of Beliefs. The Accounting Review (1991), 376-388.
59. Myers, S. C., and N. Majluf. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics (1984), 187-221.
60. O’Brien, P. C., and R. Bhushan. Analyst Following and Institutional Ownership. Journal of Accounting Research (1990), 55-82.
61. Phillips, J., M. Pincus, and S. O. Rego. Earnings Management : New Evidence Based on Deferred Tax Expense. The Accounting Review (2003), 491-521.
62. Rangan, S. Earnings Management and the Performance of Seasoned Equity Offerings. Journal of Financial Economics (1998), 101-122.
63. Rhodes-Kropf, M., D.T. Robinson, and S. Viswanathan. Valuation Waves and Merger Activity: The Empirical Evidence. Journal of Financial Economics (2005), 561-603.
64. Roll, Richard. On Computing Mean Returns and the Small Firm Premium. Journal of Financial Economics (1983), 371-386.
65. Richarson, V. J. Information Asymmetry and Earnings Management: Some Evidence. Review of Quantitative Finance and Accounting (2000), 325-347.
66. Sinha, P., L. Brown, and S. Das. A Re-Examination of Financial Analysts’ Differential Earnings Forecast Accuracy, Contemporary Accounting Research (1997), 1-42.
67. Shivakumar, L. Do Firms Mislead Investors by Overstating Earnings Before Seasoned Equity Offerings? Journal of Accounting and Economics (2000), 339-371.
68. Sloan, R. G. Do Stock Price Fully Reflect Information in Accruals and Cash Flows about Future Earnings? The Accounting Review (1996), 289-315.
69. Spiess, K. D., and J. Affleck-Graves. Underperformance in Long-Run Stock Returns Following Seasoned Equity Offerings. Journal of Financial Economics (1995), 243-267.
70. Stein, J. Rational Capital Budgeting in an Irrational World. Journal of Business (1996), 429-455.
71. Stickel, S. The Timing of and Incentives for Annual Earnings Forecasts near Interim Earnings Announcements. Journal of Accounting and Economics (1989), 275-292.
72. Subramanyam, K. R. The Pricing of Discretionary Accruals. Journal of Accounting and Economics (1996), 249-281.
73. Teoh, S. H., I. Welch, and T. J. Wong. Earnings Management and the Long-Term Market Performance of Initial Public Offerings. Journal of Finance (1998a), 1935-1974.
74. Teoh, S. H., I. Welch, and T. J. Wong. Earnings Management and the Underperformance of Seasoned Equity Offerings. Journal of Financial Economics (1998b), 63-99.
75. Trueman, B. and S. Titman. An Explanation for Accounting Income Smoothing. Journal of Accounting Research (1988), 127-139.
76.Watts, R. L., and J. L. Zimmerman. Towards a Positive Theory of the Determination of Accounting Standards. The Accounting Review (1978), 112-134.
77. Zhang, X. F. Information Uncertainty and Stock Returns. The Journal of Finance (2006), 105-137.
78. Zmijewski, M., and R. Hagerman. An Income Strategy Approach to the Positive Theory of Accounting Standard Setting/Choice. Journal of Accounting and Economics (1981), 129-149.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top