The Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings

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dc.contributor.authorKim, Yongtaeko
dc.contributor.authorLi, Siqiko
dc.contributor.authorPan, Carrieko
dc.contributor.authorZuo, Luoko
dc.date.accessioned2018-07-24T02:42:11Z-
dc.date.available2018-07-24T02:42:11Z-
dc.date.created2018-07-12-
dc.date.created2018-07-12-
dc.date.issued2013-07-
dc.identifier.citationACCOUNTING REVIEW, v.88, no.4, pp.1327 - 1356-
dc.identifier.issn0001-4826-
dc.identifier.urihttp://hdl.handle.net/10203/244363-
dc.description.abstractUsing seasoned equity offerings (SEOs) from 1989 to 2008, we examine the role of accounting conservatism in the equity market. We find that issuers with a greater degree of conservatism experience fewer negative market reactions to SEO announcements. We further show that an important mechanism through which conservatism affects SEO announcement returns is by mitigating the negative impact of information asymmetry. Additional analyses suggest that our results are not driven by the effects of other forms of corporate governance. We also find evidence that conservative issuers continue to use conservative accounting after the equity offerings. Taken together, our findings are consistent with the argument that accounting conservatism reduces financing costs in SEOs.-
dc.languageEnglish-
dc.publisherAMER ACCOUNTING ASSOC-
dc.subjectEARNINGS MANAGEMENT-
dc.subjectINFORMATION ASYMMETRY-
dc.subjectINVESTMENT DECISIONS-
dc.subjectACQUIRER RETURNS-
dc.subjectACCRUALS QUALITY-
dc.subjectLOSS RECOGNITION-
dc.subjectCARVE-OUTS-
dc.subjectTIMELINESS-
dc.subjectISSUES-
dc.subjectCOSTS-
dc.titleThe Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings-
dc.typeArticle-
dc.identifier.wosid000322092600007-
dc.identifier.scopusid2-s2.0-84886064694-
dc.type.rimsART-
dc.citation.volume88-
dc.citation.issue4-
dc.citation.beginningpage1327-
dc.citation.endingpage1356-
dc.citation.publicationnameACCOUNTING REVIEW-
dc.identifier.doi10.2308/accr-50420-
dc.contributor.localauthorKim, Yongtae-
dc.contributor.nonIdAuthorLi, Siqi-
dc.contributor.nonIdAuthorPan, Carrie-
dc.contributor.nonIdAuthorZuo, Luo-
dc.description.isOpenAccessN-
dc.type.journalArticleArticle-
dc.subject.keywordAuthoraccounting conservatism-
dc.subject.keywordAuthorseasoned equity offerings-
dc.subject.keywordAuthorannouncement returns-
dc.subject.keywordPlusEARNINGS MANAGEMENT-
dc.subject.keywordPlusINFORMATION ASYMMETRY-
dc.subject.keywordPlusINVESTMENT DECISIONS-
dc.subject.keywordPlusACQUIRER RETURNS-
dc.subject.keywordPlusACCRUALS QUALITY-
dc.subject.keywordPlusLOSS RECOGNITION-
dc.subject.keywordPlusCARVE-OUTS-
dc.subject.keywordPlusTIMELINESS-
dc.subject.keywordPlusISSUES-
dc.subject.keywordPlusCOSTS-
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