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Firm diversification and earnings management: evidence from seasoned equity offerings

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  • Chee Lim
  • Tiong Thong
  • David Ding

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11156-007-0043-x
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    Bibliographic Info

    Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

    Volume (Year): 30 (2008)
    Issue (Month): 1 (January)
    Pages: 69-92

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    Handle: RePEc:kap:rqfnac:v:30:y:2008:i:1:p:69-92

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    Web page: http://springerlink.metapress.com/link.asp?id=102990

    Related research

    Keywords: Seasoned equity offerings; Corporate diversification; Earnings management; Accruals; Stock market performance; G32; G34; M41;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Paul Hribar, 2002. "Errors in Estimating Accruals: Implications for Empirical Research," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 105-134, 03.
    2. Burgstahler, David & Dichev, Ilia, 1997. "Earnings management to avoid earnings decreases and losses," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 24(1), pages 99-126, December.
    3. Lewellen, Wilbur G, 1971. "A Pure Financial Rationale for the Conglomerate Merger," Journal of Finance, American Finance Association, American Finance Association, vol. 26(2), pages 521-37, May.
    4. Hayne E. Leland, 1998. "Agency Costs, Risk Management, and Capital Structure," Journal of Finance, American Finance Association, American Finance Association, vol. 53(4), pages 1213-1243, 08.
    5. Loughran, Tim & Ritter, Jay R, 1997. " The Operating Performance of Firms Conducting Seasoned Equity Offerings," Journal of Finance, American Finance Association, American Finance Association, vol. 52(5), pages 1823-50, December.
    6. Hadlock, Charles J & Ryngaert, Michael & Thomas, Shawn, 2001. "Corporate Structure and Equity Offerings: Are There Benefits to Diversification?," The Journal of Business, University of Chicago Press, vol. 74(4), pages 613-35, October.
    7. Raghuram Rajan & Henri Servaes & Luigi Zingales, 1998. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," NBER Working Papers 6368, National Bureau of Economic Research, Inc.
    8. Gertner, Robert H & Scharfstein, David S & Stein, Jeremy C, 1994. "Internal versus External Capital Markets," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 109(4), pages 1211-30, November.
    9. Habib, Michel A. & Johnsen, D. Bruce & Naik, Narayan Y., 1997. "Spinoffs and Information," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 6(2), pages 153-176, April.
    10. Fishman, Michael J & Hagerty, Kathleen M, 1990. "The Optimal Amount of Discretion to Allow in Disclosure," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(2), pages 427-44, May.
    11. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. " Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, American Finance Association, vol. 52(1), pages 135-60, March.
    12. Loughran, Tim & Ritter, Jay R, 1995. " The New Issues Puzzle," Journal of Finance, American Finance Association, American Finance Association, vol. 50(1), pages 23-51, March.
    13. Hyun-Han Shin & René M. Stulz, 1998. "Are Internal Capital Markets Efficient?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 113(2), pages 531-552, May.
    14. Smith, Clifford W. & Stulz, René M., 1985. "The Determinants of Firms' Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 391-405, December.
    15. Matsusaka, John G. & Nanda, Vikram, 2002. "Internal Capital Markets and Corporate Refocusing," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 11(2), pages 176-211, April.
    16. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, Elsevier, vol. 26(1), pages 3-27, July.
    17. Spiess, D. Katherine & Affleck-Graves, John, 1995. "Underperformance in long-run stock returns following seasoned equity offerings," Journal of Financial Economics, Elsevier, Elsevier, vol. 38(3), pages 243-267, July.
    18. Teoh, Siew Hong & Welch, Ivo & Wong, T. J., 1998. "Earnings management and the underperformance of seasoned equity offerings," Journal of Financial Economics, Elsevier, Elsevier, vol. 50(1), pages 63-99, October.
    19. Loughran, Tim & Ritter, Jay R., 2000. "Uniformly least powerful tests of market efficiency," Journal of Financial Economics, Elsevier, Elsevier, vol. 55(3), pages 361-389, March.
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    Cited by:
    1. Mohamed Elbannan, 2011. "Accounting and stock market effects of international accounting standards adoption in an emerging economy," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 36(2), pages 207-245, February.
    2. Ying Lin & Kenneth Yung, 2014. "Earnings management and corporate spinoffs," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 43(2), pages 275-300, August.
    3. Ei Yet Chu & Saw Imm Song, 2012. "Executive Compensation, Earnings Management and Over Investment in Malaysia," Asian Academy of Management Journal of Accounting and Finance, Penerbit Universiti Sains Malaysia, vol. 8(Supp. 1), pages 13-37.
    4. Yanzhi Wang & Sheng-Syan Chen & Yen-Ting Cheng, 2011. "Revisiting corporate dividends and seasoned equity issues," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 36(1), pages 133-151, January.

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