Managing for the Moment: The Role of Earnings Management via Real Activities versus Accruals in SEO Valuation
研究发现在增发股票时，通过削减研发和销售管理费用等真实活动操纵盈余，比应计项目操纵更能预测后续股价下跌，且管理者更倾向使用这种成本更高的方式。
ABSTRACT We assess the role of both accruals manipulation (AM) and real activities manipulation (RAM) in inducing overvaluation at the time of a seasoned equity offering (SEO). Our results reveal that earnings management is most consistently and predictably linked with post-SEO stock market underperformance when it is driven by RAM; in particular, the opportunistic reduction of expenditures on R&D and selling, general, and administrative activities. Thus, overvaluation at the time of the SEO is more likely when managers actively engage in more opaque channels to overstate earnings. Our findings are particularly relevant because managers exhibit a greater propensity for RAM at the time of SEOs, even though RAM is more costly in the long run. JEL Classifications: G14; G31; M4; M41