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Analyst information acquisition and the relative informativeness of analyst forecasts and managed earnings / Stefan F. Schantl.
// Accounting and Business Research Voulume 48, No.1 2018.tr. 62-76 Mixed empirical evidence exists on whether equity analyst forecasts complement (‘interpretation role’) or rather substitute for (‘information role’) the informativeness of corporate earnings. This paper develops a theoretical model in which an analyst acquires costly information to forecast the fundamental information contained in a subsequently released and strategically manipulated earnings announcement. The manager is assumed to manipulate earnings such that his objectives – an uncertain price interest and meeting-or-beating the analyst forecast incentives – are optimized. The model shows that the manager’s incentives are the source of the two roles of the analyst information in the valuation of earnings. In a theoretical regression of share price on earnings and the analyst forecast, it can be shown that a positive forecast response coefficient, and thus the dominance of the information role of analyst forecasts, is only obtained if the analyst’s information acquisition costs are sufficiently low.
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Real and accrual earnings management and IPO failure risk / Mohammad Alhadaba, Iain Clacherb & Kevin Keaseyb.
// Accounting and Business Research. Volume 45, N1, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 55-92. This paper analyses the relationship between real and accrual earnings management activities and IPO failure risk. While the association between accrual earnings management and IPO failure has been researched in a limited setting, to date, there has been no work that analyses the impact of real activities-based manipulation on the probability of IPO failure. Based on a sample of 570 UK IPO firms that went public over the period 1998–2008, we find evidence that IPO firms manipulate earnings upward utilising real and accrual earnings management during the IPO year.
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