Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies and the Bond Market

Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies and the Bond Market

We study earnings management (EM) efforts surrounding seasoned bond offerings using discretionary current accruals. We find that issuers tend to inflate earnings performance prior to an offering. In order for EM efforts to effectively mislead ratings agencies and the bond market, they must lead to i...

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Bibliographic Details
Main Authors: GATON, Gary L., CHIYACHANTANA, Chiraphol New, CHUA, Choong Tze, GOH, Jeremy
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2011
Subjects:
Corporate Finance
Finance and Financial Management
Portfolio and Security Analysis
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/3180
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4179/viewcontent/earnings_management_surrounding_seasoned_bond_offerings_av.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/lkcsb_research/3180
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4179/viewcontent/earnings_management_surrounding_seasoned_bond_offerings_av.pdf

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