메뉴 건너뛰기




Volumn 86, Issue 5, 2011, Pages 1519-1547

Informed trading and the market reaction to accounting restatements

Author keywords

Information risk; Insider trading; Repurchases; Restatements

Indexed keywords


EID: 80155152532     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr-10093     Document Type: Article
Times cited : (75)

References (46)
  • 3
    • 0033236338 scopus 로고    scopus 로고
    • Incentives and penalties related to earnings overstatements that violate GAAP
    • Beneish, M. D. 1999. Incentives and penalties related to earnings overstatements that violate GAAP. The Accounting Review 74 (4): 425-457.
    • (1999) The Accounting Review , vol.74 , Issue.4 , pp. 425-457
    • Beneish, M.D.1
  • 4
    • 0036807761 scopus 로고    scopus 로고
    • Insider trading, earnings quality, and accrual mispricing
    • Beneish, M. D., and M. Vargas. 2002. Insider trading, earnings quality, and accrual mispricing. The Accounting Review 77 (4): 755-791.
    • (2002) The Accounting Review , vol.77 , Issue.4 , pp. 755-791
    • Beneish, M.D.1    Vargas, M.2
  • 5
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72 (3): 323-349. (Pubitemid 127173764)
    • (1997) Accounting Review , vol.72 , Issue.3 , pp. 323-349
    • Botosan, C.A.1
  • 6
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • Botosan, C, and M. Plumlee. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 (1): 21-40.
    • (2002) Journal of Accounting Research , vol.40 , Issue.1 , pp. 21-40
    • Botosan, C.1    Plumlee, M.2
  • 7
    • 77951833874 scopus 로고    scopus 로고
    • Information content of insider trades before and after the Sarbanes-Oxley act
    • Brochet, F. 2010. Information content of insider trades before and after the Sarbanes-Oxley act. The Accounting Review 85 (2): 419-446.
    • (2010) The Accounting Review , vol.85 , Issue.2 , pp. 419-446
    • Brochet, F.1
  • 8
    • 79955574286 scopus 로고    scopus 로고
    • Are investors confused by restatements after Sarbanes-Oxley?
    • Burks, J. J. 2011. Are investors confused by restatements after Sarbanes-Oxley? The Accounting Review 86 (3): 507-539.
    • (2011) The Accounting Review , vol.86 , Issue.3 , pp. 507-539
    • Burks, J.J.1
  • 9
    • 33644700100 scopus 로고    scopus 로고
    • The reputational penalty for aggressive accounting: Earnings restatements and management turnover
    • DOI 10.2308/accr.2006.81.1.83
    • Desai, H., C. Hogan, and M. Wilkins. 2006. The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review 81 (1): 83-112. (Pubitemid 43332106)
    • (2006) Accounting Review , vol.81 , Issue.1 , pp. 83-112
    • Desai, H.1    Hogan, C.E.2    Wilkins, M.S.3
  • 10
    • 2442609381 scopus 로고    scopus 로고
    • Information and the cost of capital
    • DOI 10.1111/j.1540-6261.2004.00672.x
    • Easley, D., and M. O'Hara. 2004. Information and the cost of capital. The Journal of Finance 59 (4): 1553-1583. (Pubitemid 39137801)
    • (2004) Journal of Finance , vol.59 , Issue.4 , pp. 1553-1583
    • Easley, D.1    O'Hara, M.2
  • 11
    • 18944383233 scopus 로고    scopus 로고
    • An evaluation of the reliability of accounting based measures of expected returns
    • Easton, P., and S. Monahan. 2005. An evaluation of the reliability of accounting based measures of expected returns. The Accounting Review 80 (2): 501-537.
    • (2005) The Accounting Review , vol.80 , Issue.2 , pp. 501-537
    • Easton, P.1    Monahan, S.2
  • 12
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stock and bonds
    • Fama, E., and K. French. 1993. Common risk factors in the returns on stock and bonds. Journal of Financial Economic 33 (1): 3-56.
    • (1993) Journal of Financial Economic , vol.33 , Issue.1 , pp. 3-56
    • Fama, E.1    French, K.2
  • 13
    • 8744303835 scopus 로고    scopus 로고
    • The market pricing of accruals quality
    • DOI 10.1016/j.jacceco.2004.06.003, PII S016541010500025X
    • Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39 (2): 295-327. (Pubitemid 40553758)
    • (2005) Journal of Accounting and Economics , vol.39 , Issue.2 , pp. 295-327
    • Francis, J.1    LaFond, R.2    Olsson, P.3    Schipper, K.4
  • 17
    • 1342303879 scopus 로고    scopus 로고
    • Inferring the cost of capital using the Ohlson-Juettner model
    • Gode, D., and P. Mohanram. 2002. Inferring the cost of capital using the Ohlson-Juettner model. Review of Accounting Studies 8 (3): 399-32.
    • (2002) Review of Accounting Studies , vol.8 , Issue.3 , pp. 399-432
    • Gode, D.1    Mohanram, P.2
  • 18
    • 34547226006 scopus 로고    scopus 로고
    • The credibility of voluntary disclosure and insider stock transactions
    • Gu, F., and J. Li. 2007. The credibility of voluntary disclosure and insider stock transactions. Journal of Accounting Research 45 (4): 77-810.
    • (2007) Journal of Accounting Research , vol.45 , Issue.4 , pp. 77-810
    • Gu, F.1    Li, J.2
  • 19
    • 59049085121 scopus 로고    scopus 로고
    • The importance of distinguishing errors from irregularities in restatement research: The case of restatements and CEO/CFO turnover
    • Hennes, K., A. Leone, and B. Miller. 2008. The importance of distinguishing errors from irregularities in restatement research: The case of restatements and CEO/CFO turnover. The Accounting Review 83 (6): 1487-1519.
    • (2008) The Accounting Review , vol.83 , Issue.6 , pp. 1487-1519
    • Hennes, K.1    Leone, A.2    Miller, B.3
  • 20
    • 3843136244 scopus 로고    scopus 로고
    • The effect of accounting restatements on earnings revisions and the estimated cost of capital
    • Hribar, P., and N. Jenkins. 2004. The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies 9 (2/3): 337-56. (Pubitemid 39046441)
    • (2004) Review of Accounting Studies , vol.9 , Issue.2-3 , pp. 337-356
    • Hribar, P.1    Jenkins, N.T.2
  • 21
    • 33846493512 scopus 로고    scopus 로고
    • Jeopardy, non-public information, and insider trading around SEC 10- K and 10-Q filings
    • Huddart, S., B. Ke, and C. Shi. 2007. Jeopardy, non-public information, and insider trading around SEC 10- K and 10-Q filings. Journal of Accounting and Economics 43 (1): 3-36.
    • (2007) Journal of Accounting and Economics , vol.43 , Issue.1 , pp. 3-36
    • Huddart, S.1    Ke, B.2    Shi, C.3
  • 23
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M., and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305-60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-60
    • Jensen, M.1    Meckling, W.2
  • 24
    • 84977713363 scopus 로고
    • Insider trading around dividend announcements: Theory and evidence
    • John, K., and L. Lang. 1991. Insider trading around dividend announcements: Theory and evidence. Journal of Finance 46 (4): 61-89.
    • (1991) Journal of Finance , vol.46 , Issue.4 , pp. 61-89
    • John, K.1    Lang, L.2
  • 25
    • 84977723884 scopus 로고
    • Information content of insider trading around corporate announcements: The case of capital expenditures
    • John, K., and B. Mishra. 1990. Information content of insider trading around corporate announcements: The case of capital expenditures. Journal of Finance 45 (3): 35-55.
    • (1990) Journal of Finance , vol.45 , Issue.3 , pp. 35-55
    • John, K.1    Mishra, B.2
  • 26
    • 34548256964 scopus 로고    scopus 로고
    • Do the merits matter more? The impact of the Private Securities Litigation Reform Act
    • Johnson, M. F., K. K. Nelson, and A. C. Pritchard. 2007. Do the merits matter more? The impact of the Private Securities Litigation Reform Act. Journal of Law Economics & Organization 23 (3): 627-52.
    • (2007) Journal of Law Economics & Organization , vol.23 , Issue.3 , pp. 627-652
    • Johnson, M.F.1    Nelson, K.K.2    Pritchard, C.A.3
  • 27
    • 0040456226 scopus 로고    scopus 로고
    • Seasoned equity offerings for new investment and the information content of insider trades
    • Johnson, D., J. Serrano, and G. Thompson. 1996. Seasoned equity offerings for new investment and the information content of insider trades. Journal of Financial Research 19 (1): 91-103.
    • (1996) Journal of Financial Research , vol.19 , Issue.1 , pp. 91-103
    • Johnson, D.1    Serrano, J.2    Thompson, G.3
  • 28
    • 43849098242 scopus 로고    scopus 로고
    • The consequences to managers for financial misrepresentation
    • Karpoff, J., D. Lee, and G. Martin. 2008. The consequences to managers for financial misrepresentation. Journal of Financial Economics 88 (2): 193-215.
    • (2008) Journal of Financial Economics , vol.88 , Issue.2 , pp. 193-215
    • Karpoff, J.1    Lee, D.2    Martin, G.3
  • 29
    • 0042929878 scopus 로고    scopus 로고
    • What insiders know about future earnings and how they use it: Evidence from insider trades
    • DOI 10.1016/S0165-4101(03)00036-3, PII S0165410103000363
    • Ke, B., S. Huddart, and K. Petroni. 2003. What insiders know about future earnings and how they use it: Evidence from insider trades. Journal of Accounting and Economics 35 (3): 315-346. (Pubitemid 37041601)
    • (2003) Journal of Accounting and Economics , vol.35 , Issue.3 , pp. 315-346
    • Ke, B.1    Huddart, S.2    Petroni, K.3
  • 31
    • 33947395973 scopus 로고    scopus 로고
    • Accounting information, disclosure, and the cost of capital
    • Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45 (2): 385-420.
    • (2007) Journal of Accounting Research , vol.45 , Issue.2 , pp. 385-420
    • Lambert, R.1    Leuz, C.2    Verrecchia, E.R.3
  • 32
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland, H., and D. Pyle. 1977. Informational asymmetries, financial structure, and financial intermediation. Journal of Finance 32 (2): 371-87.
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 371-387
    • Leland, H.1    Pyle, D.2
  • 34
    • 23944500526 scopus 로고    scopus 로고
    • Operating performance following open market share repurchase announcements
    • DOI 10.1016/j.jacceco.2005.04.001, PII S0165410105000364
    • Lie, E. 2005. Operating performance following open market share repurchase announcements. Journal of Accounting and Economics 39 (3): 411-36. (Pubitemid 41200468)
    • (2005) Journal of Accounting and Economics , vol.39 , Issue.3 , pp. 411-436
    • Lie, E.1
  • 35
    • 84993843481 scopus 로고
    • The new issues puzzle
    • Loughran, T., and J. Ritter. 1995. The new issues puzzle. Journal of Finance 50 (1): 23-51.
    • (1995) Journal of Finance , vol.50 , Issue.1 , pp. 23-51
    • Loughran, T.1    Ritter, J.2
  • 36
    • 34249908137 scopus 로고    scopus 로고
    • Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior
    • Louis, H., and H. White. 2007. Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior. Journal of Financial Economics 85 (1): 205-33.
    • (2007) Journal of Financial Economics , vol.85 , Issue.1 , pp. 205-33
    • Louis, H.1    White, H.2
  • 37
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, M., and K. Rock. 1985. Dividend policy under asymmetric information. Journal of Finance 40 (4): 1031-51.
    • (1985) Journal of Finance , vol.40 , Issue.4 , pp. 1031-51
    • Miller, M.1    Rock, K.2
  • 38
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S., and N. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (2): 187-221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 39
    • 1342264807 scopus 로고    scopus 로고
    • Determinants of market reactions to restatement announcements
    • DOI 10.1016/j.jacceco.2003.06.003, PII S0165410103000594
    • Palmrose, Z.-V., V. Richardson, and S. Scholz. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37 (1): 59-89. (Pubitemid 38254093)
    • (2004) Journal of Accounting and Economics , vol.37 , Issue.1 , pp. 59-89
    • Palmrose, Z.-V.1    Richardson, V.J.2    Scholz, S.3
  • 40
    • 1342301282 scopus 로고    scopus 로고
    • The Circumstances and Legal Consequences of Non-GAAP Reporting: Evidence from Restatements
    • Palmrose, Z.-V., and S. Scholz. 2004. The circumstances and legal consequences of non-GAAP reporting: Evidence from restatements. Contemporary Accounting Research 21 (1): 139-80. (Pubitemid 38545669)
    • (2004) Contemporary Accounting Research , vol.21 , Issue.1 , pp. 139-180
    • Palmrose, Z.-V.1    Scholz, S.2
  • 41
    • 41649097965 scopus 로고    scopus 로고
    • Share issuance and cross-sectional returns
    • Pontiff, J., and A. Woodgate. 2008. Share issuance and cross-sectional returns. Journal of Finance 63 (2): 921-45.
    • (2008) Journal of Finance , vol.63 , Issue.2 , pp. 921-45
    • Pontiff, J.1    Woodgate, A.2
  • 42
    • 77951217872 scopus 로고    scopus 로고
    • What do independent directors know? Evidence from their trading
    • Ravina, E., and P. Sapienza. 2010. What do independent directors know? Evidence from their trading. The Review of Financial Studies 23 (3): 962-1003.
    • (2010) The Review of Financial Studies , vol.23 , Issue.3 , pp. 962-1003
    • Ravina, E.1    Sapienza, P.2
  • 43
    • 11244287728 scopus 로고    scopus 로고
    • The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives
    • DOI 10.1506/KHNW-PJYL-ADUB-0RP6
    • Richardson, S., S. Teoh, and P. Wysocki. 2004. The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives. Contemporary Accounting Research 21 (4): 885-924. (Pubitemid 40058162)
    • (2004) Contemporary Accounting Research , vol.21 , Issue.4 , pp. 885-924
    • Richardson, S.1    Teoh, S.H.2    Wysocki, P.D.3
  • 44
    • 3943097960 scopus 로고    scopus 로고
    • An examination of long-lived asset impairments
    • Riedl, E. 2004. An examination of long-lived asset impairments. The Accounting Review 79 (3): 823-852. (Pubitemid 39051439)
    • (2004) Accounting Review , vol.79 , Issue.3 , pp. 823-852
    • Riedl, E.J.1
  • 45
    • 0008313654 scopus 로고    scopus 로고
    • Actual share reacquisitions in open-market repurchase programs
    • Stephens, C, and M. Weisbach. 1998. Actual share reacquisitions in open-market repurchase programs. Journal of Finance 53 (1): 313-33. (Pubitemid 128344208)
    • (1998) Journal of Finance , vol.53 , Issue.1 , pp. 313-333
    • Stephens, C.P.1    Weisbach, M.S.2
  • 46
    • 41949100229 scopus 로고    scopus 로고
    • An empirical analysis of the decline in the information content of earnings following a restatement
    • Wilson, W. 2008. An empirical analysis of the decline in the information content of earnings following a restatement. The Accounting Review 83 (2): 519-548.
    • (2008) The Accounting Review , vol.83 , Issue.2 , pp. 519-548
    • Wilson, W.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.