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dc.contributor.author He, Daoping en_US
dc.date.accessioned 2011-07-22T00:01:16Z en_US
dc.date.available 2011-07-22T00:01:16Z en_US
dc.date.issued 2008 en_US
dc.identifier.isbn 9780549780755 en_US
dc.identifier.uri http://hdl.handle.net/10125/20643 en_US
dc.description Thesis (Ph.D.)--University of Hawaii at Manoa, 2008. en_US
dc.description Seasoned private equity placement is an important vehicle by which public firms obtain equity financing. This study seeks to accomplish three goals regarding the issuance of private placements: (1) to investigate managers' earnings manipulation behavior of U.S. issuers around the time of the issuance; (2) to examine whether such earnings manipulation behavior helps explain the long-term post-issue stock underperformance; and (3) to provide further evidence from Japanese private placement issuers regarding the pattern of earnings management around the time of issuance and the extent to which it can explain the post-issue stock underperformance. The results show that managers of U.S. private placement issuers tend to engage in income-increasing earnings management around the time of the issuance and the income-increasing accounting accruals made at the time of private placements predict the post-issue stock underperformance. The study also finds that, similar to their U.S. counterparts, Japanese managers tend to report inflated earnings around the time of private placements issuance and the earnings management by Japanese private placement issuers in the year of issuance predicts the firm's post-issue stock underperformance. en_US
dc.description Includes bibliographical references (leaves xxx-xxx). en_US
dc.description Also available by subscription via World Wide Web en_US
dc.description 82 leaves, bound 29 cm en_US
dc.language.iso en-US en_US
dc.relation Theses for the degree of Doctor of Philosophy (University of Hawaii at Manoa) no. XXX en_US
dc.rights All UHM dissertations and theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission from the copyright owner. en_US
dc.title Earnings management and seasoned private equity placements : Evidence from U.S. and Japanese issuers en_US
dc.type Thesis en_US
dc.type.dcmi Text en_US

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