How Pervasive Is Earnings Management? Evidence from a Structural Model
从盈余和价格的横截面特征中推导出盈余管理成本与均衡水平的度量方法，发现盈余管理在增发、小规模成长型公司及违规多发行业中更普遍。
Although researchers often view earnings management as being widespread, measuring the cost and level of earnings management is a nontrivial task. We derive a measure of earnings management cost and the associated equilibrium level of earnings management from the cross-sectional properties of earnings and prices. This approach enables us to separate economic shocks from reporting discretion by modeling the economic tradeoff faced by management. The tradeoff can be easily estimated from a closed-form likelihood function. Consistent with prior studies, the measure suggests more earnings management during seasoned equity offerings, for smaller and growing firms, as well as in industries with more irregularities. This paper was accepted by Suraj Srinivasan, accounting.