مقاله انگلیسی رایگان در مورد تجارت سرمایه گذار سازمانی برای اعلامیه های سود – امرالد 2018

We examine whether earnings management affects investor trading prior to earnings announcements. Although market reactions to earnings announcements have attracted significant academic attention (Battalio and Mendenhall, 2005; Campbell et al., 2009; Hirshleifer et al., 2008; Kaniel et al., 2008, 2012), the relationship between earnings management and the trading behaviors of investors has yet to be fully explored. Likewise, few studies have analyzed the influence of earnings management on investor trading prior to earnings announcements. Only Gao et al. (2017) directly examine how investors, especially institutional investors, react to pre-IPO earnings management during the IPO process Many financial and accounting studies emphasize the long-term significance of the quality of earnings information in the decision-making process of investors and managers. McNichols and Stubben (2008) and Linck et al. (2013) report that earnings management significantly affects the financial and investment decisions of firms. However, the direct effects of earnings management on investor trading in a short window are worthy to be examined. We expand the existing literature by examining how earnings management affects the reactions of investors to financial reports. The difficulty of overcoming the endogeneity hinders the collection of related evidence. The actions of firms (e.g. earnings management) affect the beliefs and expectations of investors, which in turn affect investor trading. However, given that management concentrate on stock prices and cater to shareholders, investor trading may influence the operation and management of firms as well. Therefore, even if we find a significant relationship between earnings management and stock return in the long term, we will not be able to exactly identify the underlying causality. We thus introduce a natural experiment in China and employ an event study on the short window of investor trades to overcome the difficulty. Second, Campbell et al. (2009) point out that numerous questions about institutional trading can only be answered if high-frequency changes in institutional ownership are tracked. In addition, prior studies find that earnings management can be prevented by monitoring institutional investors, which are considered as a homogeneous group as reported by Chung et al. (2002) and Mitra and Cready (2005). However, other studies suggest that institutional investors have monitoring incentives that vary depending on their investment horizons. In particular, we attempt to investigate the effects of earnings management on investor trading prior to earnings announcements, and if so, is there any difference between the effects on institutions and individuals? Considering the importance of earnings management in the decision-making process of market participants and the mixed findings on the advantages of information for institutional investors, we believe in the need to further explore the investor reactions to earnings announcements as well as the role of earnings management in investor trading. Investor behaviors prior to earnings announcements are worthy to be studied from an academic perspective (to support the efficient market hypothesis and the information advantages of investors) as well as from the viewpoint of investors to aid in their decision making regarding asset allocation.