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1、WhatAretheConsequencesofRealEarningsManagement?*KatherineGunnyHaasSchoolofBusinessUniversityofCalifornia,BerkeleyCA94720Email:gunny@haas.berkeley.eduJanuary2005AbstractThispaperexaminestheconsequencesoffourtypesofrealearningsmanagement.Usingfinancialstatement
2、data,Iidentifyfirmsthatengageinanyofthefollowingrealearningsmanagementactivities:(1)myopicallyinvestinginR&Dtoincreaseincome,(2)myopicallyinvestinginSG&Atoincreaseincome,(3)timingofincomerecognitionfromthedisposaloflong-livedassetsandinvestments,and(4)cutting
3、pricestoboostsalesinthecurrentperiodand/oroverproducingtodecreaseCOGSexpense.Then,Iexplicitlyexamine(i)theextenttowhichrealearningsmanagementaffectssubsequentoperatingperformance(asmeasuredbybothearningsandcashflows),and(ii)whethermarketparticipants(investors
4、andanalysts)expectthesubsequentdeclineinperformance.Theempiricalresultsareconsistentwithallfourtypesofrealearningsmanagementactivitieshavingasignificantlynegativeimpactonfutureoperatingperformance.Additionally,itappearsthatinvestorsrecognizethefutureearningsi
5、mplicationsofmyopicinvestmentinSG&Aandcuttingpricesand/oroverproducingtoincreasecurrentperiodincome.TheresultsareinconsistentwithinvestorsrecognizingthefutureearningsimplicationsofmyopicinvestmentinR&Dandthestrategictimingofassetsales.Theresultsareconsistentw
6、ithanalystsrecognizingthefutureearningsimplicationsofallfourtypesofrealearningsmanagement.*Iamgratefulfortheguidanceandsupportfrommyadvisor,Xiao-JunZhang,andtoSunilDutta,QintaoFan,MariaNondorf,ShaiLevi,JamesPowellandMarkSeasholesfortheirinsightsandsuggestions
7、.IwouldalsoliketothankTraceyZhang,ShimonKogan,GavinCassar,ZviSingerandTatianaFedykfortheirhelpfulcomments.Errorsoromissionsaremyresponsibility.1.IntroductionEarningsmanagementcanbeclassifiedintothreecategories:fraudulentaccounting,accrualsmanagementandrealear
8、ningsmanagement.FraudulentaccountinginvolvesaccountingchoicesthatviolateGAAP.Accrualsmanagementinvolveswithin-GAAPchoicesthattryto“obscure”or“mask”trueeconomicperformance(DechowandSkinner
