Earnings management and the performance of french seasoned equity issuers

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

Hatem Mansali ()
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Hatem Mansali: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12

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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.

Keywords: earnings management; seasoned equity offerings; accruals; long-run performance . (search for similar items in EconPapers)
Date: 2009
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Published in Finance Contrôle Stratégie, 2009, ⟨10.4000/fcs.1703⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01345593

DOI: 10.4000/fcs.1703

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