Profiting from government stakes in a command economy: Evidence from Chinese asset sales
نویسندگان
چکیده
منابع مشابه
Income from Asset sales, Earnings Change, and Leverage
Due to the fact that assets are recorded at their historical value and they may include unrealized gains (losses), managers may manipulate earnings through the sale of these assets and provide financial information which is not accurate and reliable. The aim of this study is to investigate the relationship between income from asset sales, earnings change and leverage of companies listed on Tehr...
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This study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. Several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. The findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...
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T his paper investigates the existence of possible spillover effects among four main asset markets namely foreign exchange, stock, gold, and housing markets in Iran from 2002:03 to 2015:06. For this purpose, we have exploited Sigma-Point Kalman Filter (SPKF) to extract the bubble component of assets prices in the aforementioned Markets. Then, in order to analyze the price bubbles spi...
متن کاملincome from asset sales, earnings change, and leverage
due to the fact that assets are recorded at their historical value and they may include unrealized gains (losses), managers may manipulate earnings through the sale of these assets and provide financial information which is not accurate and reliable. the aim of this study is to investigate the relationship between income from asset sales, earnings change and leverage of companies listed on tehr...
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We investigate acquirer returns using a comprehensive sample of government asset sale announcements in 123 countries around the world in 1984-2009. Overall, we find positive abnormal returns to acquirers of state-owned assets. Returns are greater when the acquirer is domestic, when the sale occurs in a developing nation, and when the acquirer itself is not a former stateowned enterprise. Buyers...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2010
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2010.02.004