政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/63982

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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/63982

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/63982

Title:	Convertible Bonds Issuance Terms, Management Forecasts, and Earnings Management: Evidence from Taiwan Market
Authors:	Chin, Chen-Lung;Lin, Tyrone T.;Lee, Chia-Chi 金成隆;林達榮;李家琪
Contributors:	會計系
Keywords:	Convertible bonds;mandatory earnings forecasts;issuance terms;earnings management
Date:	2005
Issue Date:	2014-02-18 17:18:11 (UTC+8)
Abstract:	Convertible bond (CB) issuers have been required to include financial forecasts in prospectuses filed with the Taiwan Securities and Futures Commission (TSFC) since 1991. This study examines the association between CB issuance terms and the extent of optimistic initial earnings forecasts and earnings management, as well as the association between CB issuance terms and the extent of reported (post-managed) earnings forecasts. Empirical results indicate that: (1) the likelihood of the issuing company making an optimistic initial earnings forecast (positive initial forecast error) increases with conversion price, issuance amount, and issuance period, but decreases with an increasing conversion period and reselling premium; (2) earnings management was pervasive in the year of issue of the CB; and (3) a substitutive relation exists between earnings management and issuance terms in CB issuing.
Relation:	Review of Pacific Basin Financial Markets and Policies, 8(3), 543-571
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1142/S0219091505000506
DOI:	10.1142/S0219091505000506
Appears in Collections:	[會計學系] 期刊論文

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