Accounting Information Uncertainty and Corporate Credit Risk: Real Earnings Management Activities Perspective

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题名:	Accounting Information Uncertainty and Corporate Credit Risk: Real Earnings Management Activities Perspective
作者:	Chen, Tsung-Kang;Tseng, Yi-Jie
贡献者:	Department of Finance and International Business, Fu Jen Catholic University,Department of Accounting, Fu Jen Catholic University
关键词:	Real earnings management activities;Accounting information uncertainty;Credit risk;Bond yield spreads
日期:	2013
上传时间:	2013-08-07 01:34:28 (UTC+0)
出版者:	Department of Finance and International Business, Fu Jen Catholic University,Department of Accounting, Fu Jen Catholic University
摘要:	This study examines the accounting information uncertainty effects on corporate credit risk from the perspective of real earnings management activities (RM) by investigating 9,570 American bond observations from year 2001 to 2008. Following Roychowdhury (2006), this work employs the abnormal levels of cash flow from operations (R_CFO), production costs (R_PROD), and discretionary expenses (R_DISX) to measure the RM activities. The main results of this study show that the volatilities of RM activities significantly and positively affect corporate bond yield spreads when controlling for well-known bond spread determinant variables, especially for the R_CFO volatility. This research also finds that the positive effects of RM volatilities become weaker when a firm has lower credit rating. Additionally, the R_CFO level negatively relates to corporate credit risk. The above results are also robust when controlling for cash flow volatility, accrual quality and credit ratings.
關聯:	2013中部學術財金研討會論文發表
显示于类别:	[財務金融學系] 會議論文

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