Intra‐Industry Effects of Earnings Restatements Due to Accounting Irregularities
研究因会计违规导致的盈余重述如何影响同行业其他公司，发现现金流特征相似的公司会受到传染效应，但未发现竞争效应或权益资本成本显著变化。
Abstract: This paper investigates the intra‐industry effects of earnings restatements due to accounting irregularities. We detect a significant contagion effect for rival firms whose cash flow characteristics are similar to those of the restating firm. The restatement doesn't seem to influence all the firms in the industry or firms that have a high probability of involving the same type of accounting irregularity as the restating firm does. We do not detect any competitive effect; nor do we find a significant change in the implied cost of equity capital of the rival firms, suggesting that the contagion effect is due to the revision in the expected short‐run future earnings of the rival firms.