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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/128724

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/128724

Title:	Earnings Management and Post-Split Drift
Authors:	湛可南 Chan, Konan Li, Fengfei Lin, Tse-Chun
Contributors:	財管系
Keywords:	Earnings management;Stock split;Earnings surprise;Post-split drift
Date:	2019-04
Issue Date:	2020-02-20 14:30:57 (UTC+8)
Abstract:	This paper explores whether firms manage their earnings after stock splits to meet the raised expectations from the market due to the positive signal sent by the splits. We first document that post-split drift mainly exists in the first three months and is positively associated with post-split standardized unexpected earnings (SUE). However, the higher post-split SUE of split firms is associated with higher discretionary accruals and abnormally lower R&D expenses. This result is consistent with our hypothesis that split firms overstate their post-split earnings by manipulating accruals and reducing R&D spending. Moreover, post-split abnormal returns increase with discretionary accruals and R&D reduction for about six months and tend to reverse over longer horizons, especially for firms with negative pre-split SUE. Overall, our results indicate that the post-split drift is a short-term phenomenon and partly attributable to the earnings management after the splits.
Relation:	Journal of Banking and Finance, Vol.101, pp.136-146
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.jbankfin.2019.02.004
DOI:	10.1016/j.jbankfin.2019.02.004
Appears in Collections:	[財務管理學系] 期刊論文

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