Did Accrual Earnings Management Decline and Real Earnings Management Increase Post-SOX? A Re-Examination Over an Extended Post-SOX Period and A Closer Look at REM-AEM Substitution
重新检验了Cohen等人关于SOX法案后应计盈余管理减少并被真实盈余管理替代的结论，发现应计盈余管理在SOX后确实下降，但真实盈余管理上升趋势不显著，且替代效应在SOX后减弱。
ABSTRACT A widely cited paper, Cohen, Dey, and Lys (2008, hereinafter CDL), examines accrual (AEM) and real earnings management (REM) pre- and post-Sarbanes Oxley and provides evidence that, in the period immediately following SOX, accruals management declined and was substituted by REM. We re-visit CDL and ask whether CDL's main results extend to recent periods and hold using updated research design choices. We find AEM declines in the period immediately after SOX, but the results are sensitive to some design choices. We also find AEM generally declines over our entire extended post-SOX period, suggesting that the components of SOX were largely successful in constraining AEM. REM is higher post-SOX but with an insignificant trend over the entire extended post-SOX period. Additionally, the results indicate REM and AEM behave as substitutes in the period preceding SOX, but the substitution effect significantly weakens post-SOX.