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Title:Differential Stock Market Reactions to the Presentation and Timing of the Announcements of Restructuring Charges and Write -Offs
Author(s):Paik, Gyung Hyun
Doctoral Committee Chair(s):Sougiannis, Theodore
Department / Program:Accountancy
Discipline:Accountancy
Degree Granting Institution:University of Illinois at Urbana-Champaign
Degree:Ph.D.
Genre:Dissertation
Subject(s):Economics, Finance
Abstract:I set up three hypotheses that predict the association between the true firm quality, the decisions regarding announcement and announcement type, and the market reactions to the announcement. I then develop a two-dimensional framework based on the presentation and timing of the announcements to analyze the effect of management's communication to investors. I use a sample of announcements of large negative special charges that were announced during 1986--1992, when the managers of firms had a great deal of discretion in announcing special charges. The results are consistent with a signaling scenario. Corporate managers intentionally choose presentation and timing of special charge announcements, using the flexibility allowed under the absence of relevant accounting rules, in order to send a signal to reveal their true quality to investors. Also, the market interprets the signal appropriately.
Issue Date:2001
Type:Text
Language:English
Description:260 p.
Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2001.
URI:http://hdl.handle.net/2142/87148
Other Identifier(s):(MiAaPQ)AAI3023162
Date Available in IDEALS:2015-09-28
Date Deposited:2001


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