원문정보
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초록
영어
Equity method (EM) reporting of off-balance sheet investments offers managers discretion to manipulate earnings and keep the debt of their investments off their own balance sheet. Consistent with these concerns, our results suggest that the use of EM reporting negatively affects the quality of earnings information. The evidence also suggests that managers of U.S. firms take advantage of the discretion provided by the EM to conceal debt. These results are especially relevant when the investment is a joint venture. The analysis shows that financial markets incorporate into prices any expected loss of informativeness derived from the reporting of off-balance investments.
목차
Abstract
I. Prior literature and hypotheses
I.A Literature review
I.B Hypotheses
II. The extensiveness of the use of off-balance sheet investments and firm characteristics
III. Effects on uncertainty on future EPS and Leverage of off-balance sheet investments
III.A The effects of off-balance sheet investments on EPS uncertainty
III.B The effects of off-balance sheet investments and uncertainty on firm leverage
III. The effects of the type of EM Investment and of the information provided on the investment
III.A Relationships between the information provided on the investee and EPS uncertainty.
III.B Impact of the type of investment on future EPS uncertainty
III.C Do firms use minority investments to conceal debt?
III.D Decision to report detailed information in investees
IV. Valuation effects of EM
IV.A Event study analysis
IV.B Relationship between EM accounting and Tobin’s Q
IV.C Long-run stock performance
V. Conclusions
Table
References
I. Prior literature and hypotheses
I.A Literature review
I.B Hypotheses
II. The extensiveness of the use of off-balance sheet investments and firm characteristics
III. Effects on uncertainty on future EPS and Leverage of off-balance sheet investments
III.A The effects of off-balance sheet investments on EPS uncertainty
III.B The effects of off-balance sheet investments and uncertainty on firm leverage
III. The effects of the type of EM Investment and of the information provided on the investment
III.A Relationships between the information provided on the investee and EPS uncertainty.
III.B Impact of the type of investment on future EPS uncertainty
III.C Do firms use minority investments to conceal debt?
III.D Decision to report detailed information in investees
IV. Valuation effects of EM
IV.A Event study analysis
IV.B Relationship between EM accounting and Tobin’s Q
IV.C Long-run stock performance
V. Conclusions
Table
References
저자정보
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