Do Syndicated Loan Borrowers Tradeoff Real Activities Manipulation with Accrual-Based Earnings Management? PDF Download
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Author: El Mahdy, Ph.D. (CFE, Dina)
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Following Cohen and Zarowin (2010), this study examines management's choices between alternative earnings management mechanisms applied to a specific corporate finance event. Specifically, this study examines the tradeoff between accrual-based earnings management (AEM) and real activities manipulation (RAM) prior to syndicated loan origination. This study also tests whether lenders' monitoring mechanisms result in any differential effects on future earnings management activities. The syndicated loan market bridges the private and public fixed-income markets and provides a unique setting to test the choices of earnings management mechanisms. Using a propensity score matched sample of syndicated versus bilateral loans originated between 1989 and 2005, we predict and find empirical evidence that while syndicated loan borrowers are likely to manipulate accounting earnings prior to the origination of syndicated loans, they draw more heavily on AEM than on RAM. Further analysis suggests that syndicate lenders' monitoring mechanisms -- such as reputable lenders, number of syndication, loan size and loan maturity -- are significantly associated with the future changes of AEM activities; the effect on the future changes of RAM activities is less significant.
Author: El Mahdy, Ph.D. (CFE, Dina)
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
Get Book Here
Book Description
Following Cohen and Zarowin (2010), this study examines management's choices between alternative earnings management mechanisms applied to a specific corporate finance event. Specifically, this study examines the tradeoff between accrual-based earnings management (AEM) and real activities manipulation (RAM) prior to syndicated loan origination. This study also tests whether lenders' monitoring mechanisms result in any differential effects on future earnings management activities. The syndicated loan market bridges the private and public fixed-income markets and provides a unique setting to test the choices of earnings management mechanisms. Using a propensity score matched sample of syndicated versus bilateral loans originated between 1989 and 2005, we predict and find empirical evidence that while syndicated loan borrowers are likely to manipulate accounting earnings prior to the origination of syndicated loans, they draw more heavily on AEM than on RAM. Further analysis suggests that syndicate lenders' monitoring mechanisms -- such as reputable lenders, number of syndication, loan size and loan maturity -- are significantly associated with the future changes of AEM activities; the effect on the future changes of RAM activities is less significant.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
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Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 114
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Book Description
Author: Amy Yunzhi Zang
Publisher: ProQuest
ISBN: 9780549163251
Category :
Languages : en
Pages : 120
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Book Description
Author: World Bank
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 468
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Book Description
This edition of the World Bank has been revised and expanded by the Terminology Unit in the Languages Services Division of the World Bank in collaboration with the English, Spanish, and French Translation Sections. The Glossary is intended to assist the Bank's translators and interpreters, other Bank staff using French and Spanish in their work, and free-lance translator's and interpreters employed by the Bank. For this reason, the Glossary contains not only financial and economic terminology and terms relating to the Bank's procedures and practices, but also terms that frequently occur in Bank documents, and others for which the Bank has a preferred equivalent. Although many of these terms, relating to such fields as agriculture, education, energy, housing, law, technology, and transportation, could be found in other sources, they have been assembled here for ease of reference. A list of acronyms occurring frequently in Bank texts (the terms to which they refer being found in the Glossary) and a list of international, regional, and national organizations will be found at the end of the Glossary.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 161635156X
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
The global financial crisis of recent years and the associated large fiscal deficits and debt levels that have impacted many countries underscores the importance of reliable and timely government statistics and, more broadly, public sector debt as a critical element in countries fiscal and external sustainability. Public Sector Debt Statistics is the first international guide of its kind, and its primary objectives are to improve the quality and timeliness of key debt statistics and promote a convergence of recording practices to foster international comparability and as a reference for national compilers and users for compiling and disseminating these data. Like other statistical guides published by the IMF, this one was prepared in consultation with countries and international agencies, including the nine organizations of the Inter-Agency Task Force on Finance Statistics (TFFS). The guide's preparation was based on the broad range of experience of our institutions and benefitted from consultation with national compilers of government finance and public sector debt statistics. The guide's concepts are harmonized with those of the System of National Accounts (2008) and the Balance of Payments and International Investment Position Manual, Sixth Edition.
Author: Aswath Damodaran
Publisher: John Wiley & Sons
ISBN: 1118808932
Category : Business & Economics
Languages : en
Pages : 663
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Book Description
Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
Author: Thordur Jonasson
Publisher: International Monetary Fund
ISBN: 1484350545
Category : Business & Economics
Languages : en
Pages : 133
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Book Description
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1616352477
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Author: International Monetary Fund,
Publisher: International Monetary Fund
ISBN: 1498330665
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
