التفاصيل البيبلوغرافية
| العنوان: |
Corporate Investments: Learning from Restatements. |
| المؤلفون: |
DURNEV, ART1, MANGEN, CLAUDINE2 |
| المصدر: |
Journal of Accounting Research (Wiley-Blackwell). Jun2009, Vol. 47 Issue 3, p679-720. 42p. 10 Charts. |
| مصطلحات موضوعية: |
*RESTATEMENT of corporate earnings, *BUSINESS enterprises, *FINANCIAL statements, *INVESTMENTS, *ACCOUNTING, *CORPORATION reports |
| مستخلص: |
This study analyzes the information conveyed by the restatements of financial reports. We argue that restatements contain news about the investment projects of the restating firms' competitors. This news causes competitors to revise their beliefs about the projects' value, and to modify their subsequent investment decisions. Accordingly, we hypothesize that changes in competitors' investments after restatement announcements are related to news in the restatements. Consistent with our prediction, we find that changes in competitors' investments following restatement announcements are significantly related to various proxies for news in the restatements, such as competitors' and restating firms' abnormal returns at the restatement announcements. We conclude that restatements convey information about the investment projects of restating firms' competitors. [ABSTRACT FROM AUTHOR] |
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