Real Earnings Management, Liquidity Risk and REITs SEO Dynamics

doi:10.1007/s11146-017-9649-5

CORC > 上海财经大学 > 上海财经大学

	Real Earnings Management, Liquidity Risk and REITs SEO Dynamics
	Deng, Xiaoying 1; Ong, Seow Eng 2
刊名	JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS
	2018-04
卷号	56 期号:3 页码:410-442
关键词	Real estate investment trust Seasoned equity offerings Liquidity risk Real earnings management
ISSN号	0895-5638
DOI	10.1007/s11146-017-9649-5
英文摘要	We analyze how REITs managers use real earnin gs management to address issues of liquidity risk and increased cost of capital they face during seasoned equity offerings. We show that REITs managers engage in real earnings management instead of accrual earnings management to attract more uninformed trading in order to provide the liquidity service at a lower cost during seasoned equity offerings. We find REITs with higher liquidity risk are more likely to manipulate earnings prior to equity offerings and uninformed trading is higher following real earnings management. Firms set the offer price at a smaller discount after engaging in real earnings management and stock returns decline in the long run. The findings are consistent with real option and liquidity risk explanations for equity offerings.
WOS研究方向	Business & Economics ; Urban Studies
语种	英语
出版者	SPRINGER
WOS记录号	WOS:000428571200004
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/651]
专题	上海财经大学
通讯作者	Deng, Xiaoying
作者单位	1.Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, 777 Guoding Rd, Shanghai 200433, Peoples R China; 2.Natl Univ Singapore, Dept Real Estate, 4 Architecture Dr, Singapore 117566, Singapore
推荐引用方式 GB/T 7714	Deng, Xiaoying,Ong, Seow Eng. Real Earnings Management, Liquidity Risk and REITs SEO Dynamics[J]. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,2018,56(3):410-442.
APA	Deng, Xiaoying,&Ong, Seow Eng.(2018).Real Earnings Management, Liquidity Risk and REITs SEO Dynamics.JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,56(3),410-442.
MLA	Deng, Xiaoying,et al."Real Earnings Management, Liquidity Risk and REITs SEO Dynamics".JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS 56.3(2018):410-442.