Assessing the Relationship Between Income Smoothing and the Value of the Firm
|Year of publication:||
|Authors:||Bitner, Larry N. ; Dolan, Robert C.|
Quarterly journal of business and economics : QJBE. - Lincoln, Neb : College of Business Administration, ISSN 0747-5535, ZDB-ID 859563x. - Vol. 35.1996, 1, p. 16-35
DOES SMOOTHING EARNINGS ADD VALUE? - This study of more than 500 firms reinforces the efficient market theory that a firm's securities prices tend to reflect all available information about the company. The analyzed companies that used artificial smoothing variables did not have their market value enhanced to the extent of firms with naturally smooth earnings - Certificate of Merit
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Unabashed Artful Dodgers of the New Economy - During the dot-com euphoria in the '90s, firms were "built to flip," which allowed initial investors to "flip and flee." In the Old Economy, unethical earnings management tactics often reared their ugly profiles, but in the era of the Internet, financial ethics problems may be more systemic and more difficult to control.
Bitner, Larry N., (2002)
Trussel, John M., (1998)
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