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1、JournalofBusinessFinance&Accounting,31(3)&(4),April/May2004,0306-686XTheEffectofEarningsManagementontheValueRelevanceofAccountingInformationCAROLA.MARQUARDTANDCHRISTINEI.WIEDMAN*1.INTRODUCTIONThisstudyexamineswhetheropportunisticearningsmanage-mentimpairsthevaluerel
2、evanceofaccountinginformationasreflectedinstockprices.Priorworkonvaluerelevancehasdemonstratedthatbothincomestatementandbalancesheetinformationplayaroleindeterminingequityvalues(see,e.g.,Collins,MaydewandWeiss,1997;andFrancisandSchipper,1999).Theselarge-samplestudie
3、sassumethatnetincomeandbookvaluefiguresarefreeofreportingbiases;i.e.,theaveragefirminthesestudieshasnoparticularincentivetomanagereportedearningslevels.Thispaperextendspriorworkbyexaminingthevaluerelevanceofearningsandbookvaluesforasampleoffirmsforwhichthereisreason
4、ableexante*Theauthorsarerespectively,AssistantProfessorofAccounting,SternSchoolofBusiness,NewYorkUniversity;andAssociateProfessorofAccounting,IveySchoolofBusiness,TheUniversityofWesternOntario.TheywouldliketothankSudiptaBasu,SteveRyan,workshopparticipantsatBaruchCol
5、lege,NewYorkUniversity,TempleUniversity,andtheUniversityofMinnesotaandananonymousrefereeforhelpfulcommentsandsuggestions.(PaperreceivedJune2002,revisedandacceptedNovember2002)Addressforcorrespondence:CarolMarquardt,SternSchoolofBusiness,NewYorkthUniversity,424TischH
6、all,40W.4Street,NewYork,NY10012,USA.e-mail:cmarquar@stern.nyu.edu#BlackwellPublishingLtd.2004,9600GarsingtonRoad,OxfordOX42DQ,UKand350MainStreet,Malden,MA02148,USA.297298MARQUARDTANDWIEDMANexpectationaswellasexpostevidenceofearningsmanagement.Ourtestsaredesignedtode
7、terminewhetherearningsmanage-mentimpairstheextenttowhichaccountinginformationisassociatedwithfirmvalue.Weconductouranalysisinasettinginwhichopportunisticearningsmanagementisbothexpectedtooccurandwheretheincentivestomanageearningsarerelativelytransparenttoinvestors.P
8、riorresearchonseasonedequityissueshasshownthatissuingfirmsreportincome-increasingaccrualsaroundthetimeofequityofferingsandthatthesepositiv
