Earnings Management of Acquiring Firms in Stock-for-Stock Takeovers in the Telecommunications Industry

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This article investigates whether acquiring telecommunications firms managed their earnings by means of discretionary accruals prior to the announcement of stock-for-stock takeovers in the U.S. telecommunications industry during the period of 1990 to 2006. The results show that acquiring telecommunications firms manage earnings upward prior to stock-for-stock takeovers. In addition, this article finds that there is a negative short-term wealth effect over the days surrounding stock-for-stock takeover announcements, and there is an inverse relation between earnings management and short-term wealth.
Publisher
LAWRENCE ERLBAUM ASSOC INC-TAYLOR FRANCIS
Issue Date
2008
Language
English
Article Type
Article
Keywords

MERGERS; ACQUISITIONS; PERFORMANCE

Citation

JOURNAL OF MEDIA ECONOMICS, v.21, no.4, pp.217 - 233

ISSN
0899-7764
URI
http://hdl.handle.net/10203/91895
Appears in Collection
MG-Journal Papers(저널논문)RIMS Journal Papers
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