The Informational Content And Valuation Ramifications Of Earnings Restatements
The Informational Content And Valuation Ramifications Of Earnings Restatements
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收益重述的信息内容和估值影响
DOI：
10.19030/iber.v1i5.3926
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
R. C. Rogers
中科院分区：
文献类型：
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作者：
James Owers;Chen;R. C. Rogers
本文分析了不同类别的会计重述的市场反应。近年来，会计重述的发生越来越频繁，其原因和后果引起了广泛的讨论。我们研究重述的这两个方面。我们确定了9类重述可以归类。当检查他们的估值后果，我们发现统计上显着的负面重估的整体样本。然而，各类重报的估值变化差异很大。投资者对会计问题（即错误/违规行为/方法变更）导致的重述反应最消极。当公司的首席执行官同时发生变化时，这种情况会被放大。在另一端，我们发现对重述的积极反应反映并提供了先前宣布的法律的问题解决方案的会计校准。研究结果的一个显着特点是，对于某些类别的估值变化，以应对会计重述，这似乎只是记录以前宣布的公司事件的影响。在有效市场观点的背景下，在重述公告本身时发生的一些变化有些令人惊讶。
This paper analyzes the market responses to different categories of accounting restatements. Accounting restatements have been occurring with increasing frequency in recent years, generating significant discussion as to their causes and consequences. We examine both of these dimensions of restatements. We identify 9 categories into which restatements can be classified. When examining their valuation consequences, we find statistically significant negative revaluations for the overall sample. However, there is substantial variation in valuation changes across the various categories of restatements. Investors react the most negatively to restatements resulting from accounting issues (i.e. errors/irregularities/method-changes). This is greatly magnified when there is a contemporaneous change in the firm’s CEO. At the other end of the spectrum, we find positive reactions to restatements that reflect and provide the accounting calibration of previously announced settlements of legal issues. A notable feature of the findings is that for some categories there are valuation changes in response to accounting restatements which are seemingly just recording the implications of previously announced corporate happenings. In the context of efficient market perspectives, some of these changes at the time of the restatement announcement itself are somewhat surprising.