Corporate Investments: Learning from Restatements

被引：124

作者：

Durnev, Art ^{[1
]}

Mangen, Claudine ^{[2
]}

机构：

[1] McGill Univ, Montreal, PQ H3A 2T5, Canada

[2] Concordia Univ, Montreal, PQ, Canada

来源：

JOURNAL OF ACCOUNTING RESEARCH | 2009年 / 47卷 / 03期

关键词：

PRO FORMA EARNINGS; SFAS NO. 131; ACCOUNTING RESTATEMENTS; EXECUTIVE-COMPENSATION; VOLUNTARY DISCLOSURES; INFORMATION-CONTENT; MARKET REACTIONS; CONTROL-SYSTEMS; STOCK RETURNS; AGENCY COSTS;

D O I：

10.1111/j.1475-679X.2009.00332.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：679 / 720

页数：42

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