Please use this identifier to cite or link to this item:
The Impacts of Insider Trading on the Choice of Earnings Management
|關鍵字:||Accruals-based earnings management|
Real earnings management
|引用:||一、中文文獻 胡星陽與陳建宏，2005，上市公司內部人日內買賣時點選擇能力之分析，中山管理評論，13(2)，451-478。 許永聲、陳信吉與陳琬菁，2013，董事會特性與盈餘管理之選擇行為，會計評論，57(3)，39-72。 許書偉與李建然，2011，內部人資訊、內部人交易與股票買回宣告效果。2012現代會計論壇學術研討會，國立雲林科技大學。 郭敏華與林怡秀，2003，由IPO資訊不對稱探討內部人申讓事件之資訊價值，中華管理評論，6(4)，131-152。 二、英文文獻 Abarbanell, J., and R. Lehavy. 2003. Biased forecasts or biased earnings? The role of reported earnings in explaining apparent bias and over/ underreaction in analysts' earnings forecasts. Journal of Accounting & Economics 36 (1-3): 105-146. Aboody, D., and B. Lev. 2000. Information asymmetry R&D and insider gains. The Journal of Finance 55 (December): 2747-2766. Akbulut, M. 2007. Managerial insider trading and opportunism. Working paper, California State University, Fullerton. Baber, W., P. Fairfield, and J. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66 (4): 818–829. Badertscher, B., N. Jenkins, and P. Hribar. 2011. Informed Trading and the Market Reaction to Accounting Restatements. The Accounting Review 86 (5): 1519-1547. Barnea, A., J. Ronen, and S. Sadan. 1976. Classificatory smoothing of income with extraordinary items. The Accounting Review 51 (1): 110–122 Barton, J., and P. Simko. 2002. The balance sheet as an earnings management constraint. The Accounting Review 77 (1): 1-27. Baryeh, L., V. Yaari, and P. Dadalt. 2012. Insider trading and earnings management's influence on seasoned equity offerings (SEOs)? Journal of Finance and Accountancy 10 (Jun): 1-15. Beneish, E., and M. E. Vargas. 2002. Insider trading, earnings quality, and accrual mispricing. The Accounting Review 77(April):755-791. Beneish, M. D., E. Press , and M. E. Vargas. 2012. Insider trading and earnings management in distressed firms. Contemporary Accounting Research 29 (1) (Spring): 191-220. Bradshaw, M., and R. Sloan. 2002. GAAP versus the Street: An empirical assessment of two alternative definitions of earnings. Journal of Accounting Research 40 (1): 41–66. Brochet, F. 2010. Information content of insider trades before and after the Sarbanes-Oxley Act. Accounting Review 85 (2) (March): 419–446. Bushee, B. 1998. The influence of institutional investors on myopic R&D investment behavior. The Accounting Review 73 (3): 305–333. Capual, C., I. Rowley, and W. F. Sharpe. 1993. International value and growth stock returns. Financial Analysts Journal 49(Jan/Feb): 27-36 Chan, S. H., J. D. Martin, and J. W. Kensinger. 1990. Corporate research and expenditures and share value. Journal of Financial Economics 26: 255–276 Cheng, Q., and T. Warfield. 2005. Equity incentives and earnings management. The Accounting Review 80 (2): 441–476. Chi, W., L. L. Listic, and M. Pevzner. 2011. Is enhanced audit quality associated with greater real earnings management? Accounting Horizons 25 (2): 315-335. Cohen, D., A. Dey, and T. Lys. 2008. Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods. The Accounting Review 83 (3): 757–787. Cohen, D., and P. Zarowin. 2009. Earnings management and excess investment: Accrual vs. real activities manipulation. Working paper, New York University. Cohen, D., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50 (1): 2–19. Core, J. E. 1997. On the corporate demand for directors' and officers' insurance. Journal of Risk and Insurance 64: 63-87. Core, J. E., W. R. Guay, S. Richardson, and R. Verdi. 2006. Stock Market Anomalies: What Can We Learn from Repurchases and Insider Trading? Review of Accounting Studies 11: 49–70. Davis, A. 2002. The value relevance of revenue for Internet firms: Does reporting grossed-up or barter revenue make a difference? Journal of Accounting Research 40 (2): 445–477. DeAngelo, H., DeAngelo, L., and Skinner, D.J. 1994. Accounting Choice in Troubled Companies. Journal of Accounting and Economics 17 (1-2): 113-143. Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70 (2): 193-225. Dechow, P., and R. Sloan. 1991. Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics 14 (1): 51–89. Dechow, P., S. Kothari and R. Watts. 1998. The Relation between Earnings and Cash Flows. Journal of Accounting and Economics 25: 133–168. DeFond, M., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17 (1/2): 145–176. Easley, D., and M. O'Hara. 2004. Information and the cost of capital. The Journal of Finance 59 (4): 1553– 1583. Elliott, J., and J. Hanna. 1996. Repeated accounting write-offs and the Information content of earnings. Journal of Accounting Research 34: 135-155. Ewert, R., and A. Wagenhofer. 2005. Economic effects of tightening accounting stanDArds to restrict earnings management. The Accounting Review 80 (4): 1101–1125. Fan, Y., A. Barua, W. M. Cready, and W. B. Thomas. 2010. Managing earnings using classification shifting evidence from quarterly special items. The Accounting Review 85 (4): 1303-1323. Fernandes, N., and M. Ferreira. 2009. Insider trading laws and stock price informativeness. Review of Financial Studies 22 (5), 1845-1887. Fidrmuc, J. P., M. Goergen, and L. Renneboog. 2006. Insider Trading, News Releases and Ownership Concentration. The Journal of Finance 81(Jaunary): 2931-2973. Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Theory & Practice 18 (2): 17-34. Francis, J., J. Hanna, and L. Vincent. 1996. Causes and effects of discretionary asset write-offs. Journal of Accounting Research 34 (3): 117-134. Givoly, D., and D. Palmon. 1985. Insider trading and the exploitation of inside information: Some empirical evidence. The Journal of Business 58: 69–87. Givoly, D., C. Hayn, and J. D'Souza. 1999. Measurement errors and information content of segment reporting. Review of Accounting Studies 4 (1): 15–43. Graham, J., C. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40 (1-3): 3–73. Gu, F., and J. Q. Li. 2007. The credibility of voluntary disclosure and insider stock transactions. Journal of Accounting Research 45 (September): 771-810. Gupta, M., M. Pevzner, and C. Seethamraju. 2010. Implications of absorption costing for future firm performance and valuation. Contemporary Accounting Research 27 (3): 889–922. Healy, P. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7 (1-3): 85–107. Hribar, P., and N. Jenkins. 2004. The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies 9 (2/3): 337–356. Huddart, J., and H. Louis. 2010. Insider selling ,earnings management and the 1990s stock market bubble. Working paper, Pennsylvania State University, Pennsylvania. Huddart, S., J. Hughes, and C. Levine. 2001. Public disclosure and dissimulation of insider trades. Econometrica 69: 665–681. Hunt, A., S. Moyer, and T. Shevlin. 1996. Managing interacting accounting measures to meet multiple objectives：A study of LIFO firms. Journal of Accounting and Economics 21 (3): 339-374. Jaffe, J. F. 1974. Special information and insider trading. Journal of Business 47 (March): 410-428. Jaggi, B., and J. Tsui. 2007. Insider trading, earnings management and corporate governance: empirical evidence based on Hong Kong firms. Journal of International Financial Management and Accounting 8 (3): 192-222. Jensen, M., and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305–360. John, K., and B. Mishra. 1990. Information content of insider trading around corporate announcements: The case of capital expenditures. Journal of Finance 45 (3): 35–55. John, K., and L. Lang. 1991. Insider trading around dividend announcements: Theory and evidence. Journal of Finance 46 (4): 61–89. Johnson, D., J. Serrano, and G. Thompson. 1996. Seasoned equity offerings for new investment and the information content of insider trades. Journal of Financial Research 19 (1): 91–103. Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29 (2): 193–228. Ke, B., S. HudDArt, and K. Petroni. 2003. What insiders know about future earnings and how they use it: Evidence from insider trades. Journal of Accounting and Economics 35: 315–346. Kim, B., L. L. Lisic, and M. Pevzner. 2010. Debt covenant slacks and real earnings management. Working paper, George Mason University. Kinney, M., and R. Trezevant. 1997. The use of special items to manage earnings and perceptions. The Journal of Financial Statement Analysis (Fall): 45–53. Kravet, T., and T. Shevlin. 2010. Accounting restatements and information risk. Review of Accounting Studies 15 (2): 264–294. Kreutzfeldt, R.W., and W. A. Wallace. 1986. Error characteristics in audit populations : their profile and relationship to environmental factors. Auditing: A Journal of Practice & Theory 6(1): 20–43. Kyle, A. 1985. Continuous auctions and insider trading. Econometrica 53: 1315–1335. Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45 (2): 385–420. Lee, L. 2012. Incentives to inflate reported cash from operations using classification and timing. The Accounting Review 87 (1): 1-33. Leland, H., and D. Pyle. 1977. Informational asymmetries, financial structure, and financial intermediation. Journal of Finance 32 (2): 371–387. Lie, E. 2005. Operating performance following open market share repurchase announcements. Journal of Accounting and Economics 39 (3): 411–36. Lipe, R. 1986. The information contained in the components of earnings. Journal of Accounting Research 24: 37-69 Louis, H., and H. White. 2007. Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior. Journal of Financial Economics 85 (1): 205–33. Manski, C. F., and S. R. Lerman. 1977. The estimation of choice probabilities from choice based samples. Econometrica 45(November): 1977-1988. McNichols, M. 2000. Research Design Issues in Earnings Management Studies. Journal of Accounting and Public Policy 19: 313–345. McNichols, M., and G. Wilson. 1988. Evidence of earnings management from the provision for bad debts. Journal of Accounting Research 26 (Supplement): 1–31. McVay, S. E. 2006. Earning management using classification shifting: An examination of core earnings and special items. The Accounting Review 81 (3): 501-531. Miller, M., and K. Rock. 1985. Dividend policy under asymmetric information. Journal of Finance 40 (4): 1031–1051. Myers, S., and N. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (2): 187–221. Palmrose, Z., V. Richardson, and S. Scholz. 2004. Determinants of reactions to restatement announcements. Journal of Accounting and Economics 37 (1): 59-89. Park, M., and T. Park. 2004. Insider sales and earnings management. Journal of Accounting and Public Policy 23 (5): 381-411. Park, S., H. J. Jang, and M. P. Loeb, 1995. Insider trading activity surrounding annual earnings announcements. Journal of Business Finance & Accounting 22 (4): 587-614. Philbrick, D., and W. Ricks. 1991. Using Value Line and I/B/E/ analyst forecasts in accounting research. Journal of Accounting Research 29 (2): 397–417. Piotroski, J., and D. Roulstone. 2005. Do Insider Trades Reflect both Contrarian Beliefs and Superior Knowledge About Future Cash Flow Realizations? Journal of Accounting and Economics 39: 55–81. Pontiff, J., and A. Woodgate. 2008. Share issuance and cross-sectional returns. Journal of Finance 63 (2): 921–945. Reynolds, J. K., and J. R. Francis. 2001. Does size matter? The influence of large clients on office-level auditor reporting decision. Journal of Accounting and Economics 30 (3): 375-400 Ronen, J., and V. Yaari. 2008. Earnings management: Emerging insights in Theory and Practice and Research. Springer Series in Accounting Research 3: 220-231. Rosenberg, B., K. Reid, and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11 (Spring): 9-16. Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics 42 (3): 335–370. Rozeff, M. S., and M. A. Zaman. 1988. Market Efficiency and Insider Trading: New Evidence. Journal of Business 61(January): 25-44. Rozeff, M. S., and M. A. Zaman. 1998. Overreaction and insider trading: Evidence from growth and value portfolios. Journal of Finance 53(2): 701-716. Sawicki, J., and K. Shrestha. 2008. Insider trading and earnings management. Journal of Business Finance and Accounting 35(3-4): 331-346. Schipper, K. 1989. Commentary on Earnings Management. Accounting Horizon 3 (4): 91–102. Seyhun, H. N. 1986. Inside profits, costs of trading, and market efficiency. Journal of Financial Economics 16 (June): 189-212. Seyhun, H. N. 1992. The effectiveness of the insider-trading sanctions. Journal of Law and Economics 35: 149-182. Skaife, H. A., L. Swenson, and D. Wangerin. 2013. Discretionary Classification of R&D Expense. Working paper, Graduate School of Management, UC-DAvis. Subramanyam, K. 1996. The pricing of discretionary accruals. Journal of Accounting and Economics 22: 249–281. Wang, S., and J. D'Souza. 2006. Earnings management: The effect of accounting flexibility on R&D investment choices. Working paper, Cornell University, New York. Watts, R., & Zimmerman, J. (1978). Towards a positive theory of the determination of accounting standards. Accounting Review 53: 112-134 Weiss, I. 2001. Managerial responses to a transitory earnings shock: Strategic manipulation between the core and non-core components of earnings. Ph.D. Dissertation, University of Chicago. Wilson, W. 2008. An empirical analysis of the decline in the information content of earnings following a restatement. The Accounting Review 83 (2): 519–548. Zang, A. 2012. Evidence on the trade-off between real activities manipulation and accrual-based earnings management. The Accounting Review 87(2): 675-703 Zhang, I., and Y. Zhang. 2012. Insider trading restrictions and insiders' supply of information: Evidence from reporting quality. Working paper, University of Minnesota-Twin Cities and Hong Kong Polytechnic University.|
|摘要:||The sample companies are obtained from 2000 to 2012. The purpose of this study is to examine the managers' choice between classification shifting, accruals-based earnings management, and real earnings management. Additionally, We also shed light on the link between insider trading and the choice of earnings management. We create dummy variables (NITB and NITS) from the net insider trading ratio, and test the impacts of insider trading on the choice of earnings management.
The empirical results show that if the company has the motivation to manage its earnings, it will use multiple methods simultaneously. In addition, insider trading affects the company manager to make decisions. The company with insider trading will prefer to use various earnings management. When the choice of classification shifting is impeded, the results show that (1) accruals-based earnings management is affected by insiders' net purchases and net sales, and that (2) real earnings management is affected by insiders' net purchases and net sales. When the choice of accruals-based earnings management is restricted, real earnings management is affected by insiders' net purchases and net sales|
本研究以2000至2012年台灣上市櫃公司為樣本。探討內部人交易對於管理當局利用分類變動、應計項目盈餘管理、實質盈餘管理這三種盈餘管理是否產生影響，並分別討論出現內部人淨買入交易(NITB)以及內部人淨賣出交易(NITS)對盈餘管理選擇行為的影響。 實證結果發現，出現內部人淨買入股票的企業，增加利用分類變動盈餘管理、應計項目盈餘管理以及實質盈餘管理的程度較高。在分類變動受限的情況下，出現內部人淨買入的企業，增加利用應計項目及實質盈餘管理的程度較高，而在應計項目盈餘管理受限的情況下，出現內部人淨買入的企業，增加利用實質盈餘管理的程度較高。 而出現內部人淨賣出的企業，會影響利用分類變動盈餘管理、應計項目盈餘管理及實質盈餘管理的程度。在分類變動受限的情況下，出現內部人淨賣出持股的企業，會影響利用應計項目及實質盈餘管理的程度。在應計項目盈餘管理受限的情況下，出現內部人淨賣出的企業，會影響利用實質盈餘管理的程度。
|Appears in Collections:||會計學系所|
Show full item record
TAIR Related Article
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.