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1、JournalofAccountingResearchVol.42No.5December2004PrintedinU.S.A.EffectofInvestorSpeculationonEarningsManagementPAULE.FISCHER∗ANDPHILLIPC.STOCKEN†Received25June2003;accepted19May2004ABSTRACTThispaperconsidershowthepresenceofaspeculativeinvestor,whobetso
2、nafirm’sfutureearningsreport,affectshowthefirm’smanagementmanip-ulatesthatreport.Weexaminetheinfluenceofthespeculator’sinformationonearningsmanagementbehavior,qualityofreportedearnings,andstockpriceefficiency.Wealsoprovidepredictionsfor,andinterpretationso
3、f,short-windoweventstudiesandlong-windowassociationstudies.1.IntroductionAmongthevarietyofmotivesafirm’smanagerhastomanipulatereportedearnings,aprimarymotiveistoinfluenceinvestors’perceptionsofthefirm’svalue.Theextenttowhichamanager’searningsreportinfluenc
4、esinvestors’perceptionsisdetermined,inpart,byotherinformationinthemarket.Thispaperexamineshowinvestors’informationaboutforthcomingearningsreportsaffectsmanagers’incentivestomanipulatethosereports.Informationaboutforthcomingearningsentersintothemarketbe
5、causeinvestorsorspeculators,suchasmutualandhedgefunds,oftenprofitbyspeculatingonforthcomingearningsannouncements.Thesespeculatorsprofitbylearningeverythingaboutafirm’searningsreport.Wedividethis∗ThePennsylvaniaStateUniversity;†DartmouthCollege.Webenefitedf
6、romdiscussionswithorcommentsfromThomasCarnes,JohnCore,RachaelHayes,RichardLambert,ChristianLeuz,D.Shores,JacobThomas,andananonymousreviewer.Wewouldalsoliketothankwork-shopparticipantsatBaruchCollege,ColumbiaUniversity,DrexelUniversity,DukeUniversity,Th
7、ePennsylvaniaStateUniversity,UniversityofPennsylvania,YaleUniversity,the10thFinan-cialEconomicsandAccountingConference,2000EuropeanAccountingAssociationannualmeeting,and2000AmericanAccountingAssociationannualmeeting.843CopyrightC,UniversityofChicagoon
8、behalfoftheInstituteofProfessionalAccounting,2004844P.E.FISCHERANDP.C.STOCKENinformationintotwocomponents:informationaboutearningsmanage-mentandinformationaboutfundamentalearnings.1Wefindthatthespec-ulators’influenceonearningsmanagementis
