La gestion des résultats et les performances comptables à long terme des entreprises françaises émettrices d’actions

Abstract : This study tests the “earnings management hypothesis” in the context of seasoned equity offerings. We examine a sample of 206 French companies that issued stock between 1991 and 2003. We find that issuers with specific plans to use proceeds for investment purposes experience poor earnings performance in the post-offering period, but issuers stating recapitalization display no subsequent underperformance. Our results further suggest that performancematched discretionary accruals recorded immediately after SEOs for issuers with specific investments are positive and that those accruals precipitate a decline in post-SEO earnings performance.
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Journal articles
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https://hal-upec-upem.archives-ouvertes.fr/hal-01345593
Contributor : Hatem Mansali <>
Submitted on : Thursday, July 14, 2016 - 1:19:48 PM
Last modification on : Friday, October 4, 2019 - 1:23:54 AM

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Hatem Mansali. La gestion des résultats et les performances comptables à long terme des entreprises françaises émettrices d’actions. Finance Contrôle Stratégie, Association FCS, 2009, ⟨10.4000/fcs.1703⟩. ⟨hal-01345593⟩

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