We investigate whether the accruals anomaly (Sloan 1996), characterized by U.S. stock prices over-weighting the role of accrual persistence and under-weighting the role of operating cash flow persistence for future earnings, is a local manifestation of a global phenomenon. Hence, we examine whether stock prices in six other major capital markets and Japan) fully reflect the implications of the ...

We study the impact of firms’ abnormal business operations on their future crash risk in stock prices. Computed based on real earnings management (REM) models, firms' deviation in real operations from industry norms (DRO) is shown to be positively associated with their future crash risk. This association is incremental to that between discretionary accruals (DA) and crash risk found by prior st...

The aim of the paper is to analyse association between use accrual-based and real earnings management practices before company goes public decision institutional investors on buying or refraining from shares offered in initial offering (IPO). sample consists 258 Polish new stock companies over period 2005-2020. We find that such refrain massive pre-IPO period: both accrual-based. However, we ev...

This thesis comprises of three essays. The first essay is titled ‘Do Acquiring Firms Manage Earnings?’ and is co-authored with Professor Anand M. Vijh. The second essay is titled ‘Do Firms Have a Target Leverage? Evidence from Credit Markets’ and is joint work with Professors Anand M. Vijh and Redouane Elkamhi. The third is essay is single authored and titled ‘Bondholder Wealth Effects of Fraud...