The Effect of Earnings Management on the Value Relevance of Accounting Information
研究机会主义盈余管理是否影响净收益和账面价值在决定股价时的价值相关性，发现股权发行年份盈余管理会降低盈余的价值相关性，且可操控部分影响更大。
This study investigates whether opportunistic earnings management affects the value relevance of net income and book value in determining stock price. We document a decrease in the value relevance of earnings in the year of an equity offering for a group of firms with ex post evidence of earnings management. This decrease is greater for the discretionary component of earnings than for the non‐discretionary component. These results are robust to model specification and the type of offering. However, the results are sensitive to firms’ disclosure activity prior to the offering.