Does the Use of Financial Derivatives Affect Earnings Management Decisions?
发现经理人将衍生品和酌定性应计项目作为平滑盈余的部分替代工具，基于1994-1996年财富500强企业数据，通过联立方程模型检验了二者之间的负相关关系。
I present evidence consistent with managers using derivatives and discretionary accruals as partial substitutes for smoothing earnings. Using 1994–1996 data for a sample of Fortune 500 firms, I estimate a set of simultaneous equations that captures managers' incentives to maintain a desired level of earnings volatility through hedging and accrual management. These incentives include increasing managerial compensation and wealth, reducing corporate income taxes and debt financing costs, avoiding underinvestment and earnings surprises, and mitigating volatility caused by low diversification. After controlling for such incentives, I find a significant negative association between derivatives' notional amounts and proxies for the magnitude of discretionary accruals.