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1、JournalofFinancialEconomics50(1998)63Ð99Earningsmanagementandtheunderperformanceofseasonedequityo¤erings1SiewHongTeoh!,*,IvoWelch",T.J.Wong#!UniversityofMichiganBusinessSchool,AnnArbor,MI48109,USA"AndersonGraduateSchoolofManagement,UCLA,LosAngeles,CA90095,USA#HongKongUniversityofScienceandT
2、echnology,ClearwaterBay,HongKongReceived28March1995;receivedinrevisedform26June1997AbstractSeasonedequityissuerscanraisereportedearningsbyalteringdiscretionaryac-countingaccruals.WeÞndthatissuerswhoadjustdiscretionarycurrentaccrualstoreporthighernetincomepriortotheo¤eringhavelowerpost-issue
3、long-runabnormalstockreturnsandnetincome.Interestingly,therelationbetweendiscretionarycurrentaccrualsandfuturereturns(adjustedforÞrmsizeandbook-to-marketratio)isstrongerandmorepersistentforseasonedequityissuersthanfornon-issuers.Theevidenceisconsistentwithinvestorsnaivelyextrapolatingpre-is
4、sueearningswithoutfullyadjustingforthepotentialmanipulationofreportedearnings.(1998ElsevierScienceS.A.Allrightsreserved.JELclassiÞcation:G14;G24;G32;M41Keywords:CorporateÞnance;Seasonedequityo¤erings;Earningsmanagement;Accountingaccruals;Anomalies;Markete¦ciency*Correspondingauthor.Tel.:313
5、/763-1264;fax:313/764-2557;e-mail:siew.teoh@ccmail.bus.umich.edu.1WethankBradBarber(thereferee),RandyBeatty,VicBernard,K.C.Chan,KentDaniel,MarkDeFond,LauraField,DavidHeike,ChuanYangHwang,JonathanKarpo¤,S.P.Kothari,CharlesLee,WayneMikkelson(theeditor),TimOpler,KrishnaPalepu,K.Ramesh,JayRitte
6、r,TerryShevlin,DougSkinner,SheridanTitman,RossWatts,JerryZimmerman,andseminarparticipantsattheUniversityofCaliforniaFinanceandAccountingConference(Davis,March1995),theNBERCorporateFinanceConference(Boston,August1995),theCenterforResearchinSecurityPricesSeminar(Chicago,October1995),theAmeric
7、anFinanceAssociationConference(SanFrancisco,1996),theAmericanAccountingAssociationConference(Chicago,August1996),theUniversityofMichigan,andtheUniversityofRochesterforhelpfulcommentsanddiscussions.0304-405X/98/$19.00(1998ElsevierScienceS.A.Allrightsreser
