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    题名: Convertible Bonds Issuance Terms, Management Forecasts, and Earnings Management: Evidence from Taiwan Market
    作者: Chin, Chen-Lung;Lin, Tyrone T.;Lee, Chia-Chi
    金成隆;林達榮;李家琪
    贡献者: 會計系
    关键词: Convertible bonds;mandatory earnings forecasts;issuance terms;earnings management
    日期: 2005
    上传时间: 2014-02-18 17:18:11 (UTC+8)
    摘要: 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.
    關聯: Review of Pacific Basin Financial Markets and Policies, 8(3), 543-571
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1142/S0219091505000506
    DOI: 10.1142/S0219091505000506
    显示于类别:[會計學系] 期刊論文

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