Earnings Management in Corporate Voting: Evidence from Antitakeover Charter Amendments

Chun-Keung Hoi, Michael Lacina and Patricia L. Wollan
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Chun-Keung Hoi: Rochester Institute of Technology, USA
Michael Lacina: University of Houston-Clear Lake, USA
Patricia L. Wollan: Rochester Institute of Technology, USA

Chapter 9 in Advances in Quantitative Analysis of Finance and Accounting, 2008, pp 159-177 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractEarnings management is examined around the time of proposals of antitakeover charter amendments. Overall, weak but statistically significant, negative abnormal accruals are found in the proposal year. The overall result appears to be driven by firms proposing restrictive charter amendments, which have strong negative abnormal accruals in the proposal year. The present interpretation is that executives of firms proposing restrictive amendments manage earnings opportunistically in that they defer income-decreasing accruals in the year prior to the amendment proposal to after the shareholders have voted on the amendment.

Keywords: Hedging Strategies; Expense Mismatching; Stock Split; Trading Volume; Portfolio Optimization; Intraday Patterns; Earnings Management; International Winner-Loser Effect (search for similar items in EconPapers)
JEL-codes: G2 G3 (search for similar items in EconPapers)
Date: 2008
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