دانلود مقاله Do stealth restatements convey material information?
پنجشنبه , 21 آذر 1392 ساعت 20:24 دسته بندی : جورنال ,دانلود مقاله :
Do stealth restatements convey material information?
Afshad J. Irani, (Williams School of Commerce, Economics and Politics, Washington and Lee University, Lexington, Virginia, USA), Le (Emily) Xu, (Whittemore School of Business and Economics, University of New Hampshire, Durham, New Hampshire, USA)
Acknowledgements: The authors thank Steve Balsam, Pieter Elgers, Steve Gill, Erin Moore and seminar participants at the University of New Hampshire, Washington and Lee University and the Northeast Regional Meeting of the American Accounting Association for their useful suggestions and insights. All the data used in this study are available from public sources.
Abstract:
Purpose – Effective August 23, 2004, the US Securities and Exchange Commission (SEC) requires all firms to disclose restatements via an item 4.02 Form 8-K filing. However, a significant number of firms continue to disclose restatements using means other than an 8-K. Commonly referred to as stealth restatements, the purpose of this paper is to investigate the materiality of restatements disclosed in either the 10-K or the 10-Q by comparing them to those disclosed via 8-K.
Design/methodology/approach – Univariate and multivariate analyses compare the characteristics of and the market reaction to 10-K/10-Q restatements to those of 8-K restatements.
Findings – The authors find stealth restatements are more likely to be those not affecting net income, with longer filing delays, not subject to SEC investigation and made by firms audited by non-big four accounting firms. The authors document a negative market reaction to 8-K restatements around the restatement disclosure date. However, for stealth restatements they find no market reaction around the 10-K/10-Q filing date and for up to 22 trading days after the 10-K/10-Q filings.
Research limitations/implications – The study shows a significant difference in materiality between stealth and 8-K restatements.
Practical implications – The study is important to investors, regulators and academics because it supports the notion that stealth restatements include less significant information relative to that disclosed in 8-K restatements. This result is in line with the SEC disclosure requirement.
Originality/value – The significant number of stealth restatements since 2004 begs the question as to what kind of information is being disclosed in these restatements. The paper responds to this question.
?> 10 1108 10309611111148751 , Disclosure , Form 8 K , Item 4 02 , Restatements , Stealth , United States of America , دانلود مقاله Do stealth restatements convey material information , دانلود مقاله ای اس ایمطالب مرتبط :
دانلود مقاله Real and accrual-based earnings management and its legal consequences: Evidence from seasoned equity offerings
دانلود مقاله Do stealth restatements convey material information?
دانلود مقاله The meaning of cash in the context of alternative accounting standards: IFRS convergence and classification decisions
دانلود مقاله Class absenteeism: reasons for non-attendance and the effect on academic performance
دانلود مقاله Engendering learning engagement in a diverse cohort: a reflection
دانلود مقاله Auditor appointment in compulsory audit tendering
دانلود مقاله R&D profitability, intensity and market-to-book: evidence from Australia
دانلود مقاله Properties of net income and total comprehensive income: New Zealand evidence
دانلود مقاله Winning ARC grants: comparing accounting with other commerce-related disciplines
دانلود مقاله Developing and enhancing independent learning skills: Using video tutorials as a means of helping students help themselves
دانلود مقاله Forecasting confidence under segment reporting
دانلود مقاله Market reactions to qualified audit reports: research approaches
دانلود مقاله Evidence of managerial opportunism in Australia