The long-run performance of 424 UK rights issues during 1991-95 shows that issuers outperform the market and non-issuing peers in the pre-issue period and underperform in the post-issue period. To explain these results, we examine the timing and earnings management hypotheses and show that our...

This study investigates the relation between corporate governance and earnings management around UK rights issues. We examine the effect of board structure, ownership structure, adviser structure, and capital structure on discretionary current accruals — a proxy for earnings management — for...