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Earnings Management of Acquiring Firms in Stock-for-Stock Takeovers in the Telecommunications Industry

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Author Info

  • Hyeongjik Lee
  • Seongcheol Kim
  • Changi Nam
  • Seung Hun Han
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    Abstract

    This article investigates whether acquiring telecommunications firms managed their earnings by means of discretionary accruals prior to the announcement of stock-for-stock takeovers in the U.S. telecommunications industry during the period of 1990 to 2006. The results show that acquiring telecommunications firms manage earnings upward prior to stock-for-stock takeovers. In addition, this article finds that there is a negative short-term wealth effect over the days surrounding stock-for-stock takeover announcements, and there is an inverse relation between earnings management and short-term wealth.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/08997760802541117
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Media Economics.

    Volume (Year): 21 (2008)
    Issue (Month): 4 ()
    Pages: 217-233

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    Handle: RePEc:taf:jmedec:v:21:y:2008:i:4:p:217-233

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    Web page: http://www.tandfonline.com/HMEC20

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    Cited by:
    1. Kang, Yoolee & Ryu, Min-Ho & Kim, Seongcheol, 2010. "Exploring sustainability management for telecommunications services: A case study of two Korean companies," Journal of World Business, Elsevier, vol. 45(4), pages 415-421, October.

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