Measuring intentional manipulation : a structural approach
Abstract/Contents
- Abstract
- Using a sample of over 1,800 CEOs in the post-SOX period, I estimate the extent of intentional manipulation and manipulation costs using a dynamic structural model that features a risk-averse manager who receives cash and equity compensation. I find that the expected cost of manipulation is low. The probability of detection is 9%, and the average misstatement results in a 1.5% loss in the manager's wealth. According to the estimated parameters, the implied fraction of manipulating firms is around 63% and the value-weighted bias in the stock price is 2.8%. Among five proxies for earnings management used in the extant literature, only performance-matched discretionary accruals have a positive association with the model-implied measure of intentional manipulation.
Description
Type of resource | text |
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Form | electronic; electronic resource; remote |
Extent | 1 online resource. |
Publication date | 2012 |
Issuance | monographic |
Language | English |
Creators/Contributors
Associated with | Zakolyukina, Anastasia A | |
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Associated with | Stanford University, Graduate School of Business. | |
Primary advisor | Larcker, David F | |
Primary advisor | Reiss, Peter C. (Peter Clemens) | |
Thesis advisor | Larcker, David F | |
Thesis advisor | Reiss, Peter C. (Peter Clemens) | |
Thesis advisor | Beyer, Anne | |
Thesis advisor | McNichols, Maureen, 1953- | |
Thesis advisor | Piotroski, Joseph D. (Joseph David) | |
Advisor | Beyer, Anne | |
Advisor | McNichols, Maureen, 1953- | |
Advisor | Piotroski, Joseph D. (Joseph David) |
Subjects
Genre | Theses |
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Bibliographic information
Statement of responsibility | Anastasia A. Zakolyukina. |
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Note | Submitted to the Graduate School of Business. |
Thesis | Thesis (Ph.D.)--Stanford University, 2012. |
Location | electronic resource |
Access conditions
- Copyright
- © 2012 by Anastasia Zakolyukina
- License
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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