Intra-industry effects of earnings restatements due to accounting irregularities

被引：71

作者：

Xu, Tan ^{[1
]}

Najand, Mohammad ^{[1
]}

Ziegenifuss, Douglas ^{[1
]}

机构：

[1] Old Dominion Univ, Norfolk, VA 23529 USA

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2006年 / 33卷 / 5-6期

关键词：

earnings restatements; intra-industry effect; cost of capital;

D O I：

10.1111/j.1468-5957.2006.00607.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the intra-industry effects of earnings restatements due to accounting irregularities. We detect a significant contagion effect for rival firms whose cash flow characteristics are similar to those of the restating firm. The restatement doesn't seem to influence all the firms in the industry or firms that have a high probability of involving the same type of accounting irregularity as the restating firm does. We do not detect any competitive effect; nor do we find a significant change in the implied cost of equity capital of the rival firms, suggesting that the contagion effect is due to the revision in the expected short-run future earnings of the rival firms.

引用

页码：696 / 714

页数：19

共 22 条

[1] CONTAGION EFFECTS OF BANK FAILURES - EVIDENCE FROM CAPITAL-MARKETS [J].