Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings

碩士 === 國立中正大學 === 會計與資訊科技研究所 === 102 === This paper examines the association between real earnings management (REM) and seasoned bond offerings (SBO). Many firms rely heavily on debt financing, and thus in order to decrease the cost of borrowing they have incentives to manage earnings upward before...

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Main Authors:	Chang Fang-Tzu, 張芳慈
Other Authors:	Chou Ting-Kai
Format:	Others
Language:	en_US
Published:	2014
Online Access:	http://ndltd.ncl.edu.tw/handle/gerjmz

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spelling	ndltd-TW-102CCU007360442019-05-15T21:23:13Z http://ndltd.ncl.edu.tw/handle/gerjmz Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings Chang Fang-Tzu 張芳慈碩士國立中正大學會計與資訊科技研究所 102 This paper examines the association between real earnings management (REM) and seasoned bond offerings (SBO). Many firms rely heavily on debt financing, and thus in order to decrease the cost of borrowing they have incentives to manage earnings upward before issuing bonds. Using data from 1988 to 2011, the results of this study show that cost of debt is negatively related to the proxies for REM. This reveals that bondholders do not perceive REM as a form of opportunistic behavior, but instead as more efficient operating activity. Chou Ting-Kai 周庭楷 2014 學位論文 ; thesis 29 en_US
collection	NDLTD
language	en_US
format	Others
sources	NDLTD
description	碩士 === 國立中正大學 === 會計與資訊科技研究所 === 102 === This paper examines the association between real earnings management (REM) and seasoned bond offerings (SBO). Many firms rely heavily on debt financing, and thus in order to decrease the cost of borrowing they have incentives to manage earnings upward before issuing bonds. Using data from 1988 to 2011, the results of this study show that cost of debt is negatively related to the proxies for REM. This reveals that bondholders do not perceive REM as a form of opportunistic behavior, but instead as more efficient operating activity.
author2	Chou Ting-Kai
author_facet	Chou Ting-Kai Chang Fang-Tzu 張芳慈
author	Chang Fang-Tzu 張芳慈
spellingShingle	Chang Fang-Tzu 張芳慈 Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings
author_sort	Chang Fang-Tzu
title	Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings
title_short	Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings
title_full	Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings
title_fullStr	Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings
title_full_unstemmed	Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings
title_sort	real earnings management and cost of debt: evidence from seasoned bond offerings
publishDate	2014
url	http://ndltd.ncl.edu.tw/handle/gerjmz
work_keys_str_mv	AT changfangtzu realearningsmanagementandcostofdebtevidencefromseasonedbondofferings AT zhāngfāngcí realearningsmanagementandcostofdebtevidencefromseasonedbondofferings
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Real Earnings Management and Cost of Debt: Evidence from Seasoned Bond Offerings

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