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 |
|---|---|
| Form | electronic; electronic resource; remote |
| Extent | 1 online resource. |
| Publication date | 2012 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Associated with | Zakolyukina, Anastasia A |
|---|---|
| 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 |
|---|
Bibliographic information
| Statement of responsibility | Anastasia A. Zakolyukina. |
|---|---|
| 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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