​会计与财务[2017年第2期] 盈余质量与债券市场反应

发布时间:2018-12-04

    作者:王叶

    关键字:无

    摘要/Abstract

    In this paper, we examine the effects of Earning Management on both equity market and bond market. The initial results show that: 1. Earning Management (measured by using Discretionary Accruals based on Modified Jones‟ Model) has negative effects on the corporate bond return and positive effects on the equity return; 2. These effects are more significant on high financial distress firms; 3. These effects are more significant when information asymmetry is severe (high adverse selection, high moral hazard); 4. Financial restatements have negative effects on both short- and long-term bond return by increasing the credit risk. The contribution of this paper is to provide the evidence about the relationship between earnings quality and bond market. And also, this study provide the initial evidence about the role of Earnings Management as a wealth transfer channel from bond holders to equity holders.

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