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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/103338

    Title: Earnings Management, Investor Type and Firm Performance of Private Placements
    Other Titles: 盈餘管理、應募對象與私募發行公司之長期績效
    Authors: 湯惠雯
    Contributors: 淡江大學保險學系
    Keywords: Accrual-based earnings management;investor type;private placement;real earnings management;strategic private placement;應計基礎盈餘管理;應募對象;私募發行;實質盈餘管理;策略引資
    Date: 2016-03
    Issue Date: 2015-06-18 13:45:41 (UTC+8)
    Publisher: Journal of Financial Studies
    Abstract: This study investigates the determinants of accrual-based earnings management and real earnings management (REM), and explores the influences of these earnings management activities on post-issue performance of private placements in Taiwan. The results show that investor type influences a firm’s REM activities before a private placement. Compared with discretionary current accruals, REM leads to significantly reduced long-term performance. Notably, the relationship between pre-issue REM and long-run performance is significantly negative for non-strategic private placement firms, whereas the relationship is insignificant for strategic private placement firms.
    Relation: Journal of Financial Studies 24(1), p.55-102
    DOI: 10.6545/JFS.2016.24(1).3
    Appears in Collections:[Graduate Institute & Department of Insurance Insurance] Journal Article

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