Earnings Management and Investor Protection During a Banking Crisis: The Role of the “Spare Tire” Effect
研究了银行危机期间企业盈余管理与投资者保护的关系，发现制度环境强的国家中企业更可能向上操纵盈余，并成功获得更多股权融资。
This article analyzes the association between earnings management and investor protection during banking crises. Using a sample of firms from 16 European countries for the period 2006–2018, we show that, as banking conditions worsen, firms are more likely to manage earnings upward in countries with a stronger institutional environment, where alternative sources of financing are better available and more accessible. Moreover, we show that this strategy is successful because these firms are able to raise relatively more equity financing. JEL Classification M41, G14