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...

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...

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...

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...

Title of dissertation: ESSAYS ON ASSET PURCHASES AND SALES: THEORY AND EMPIRICAL EVIDENCE Liu Yang, Doctor of Philosophy, 2006 Dissertation directed by: Dr. Vojislav Maksimovic Department of Finance This dissertation consists of a theory essay and an empirical essay that investigate a firm’s decision to buy or sell corporate assets. It seeks to answer the following research questions: (1) why d...

this study attempts to investigate the impacts of severalcorporate governance mechanisms on two alternative proxies for agencycosts, namely the ratio of total sales to total assets (asset turnover) and theratio of selling, general and administrative expenses to total sales(sg&a;). agency costs, non-executive directors on the board, andinstitutional investors are dependent variables. the analysi...

It is widely acknowledged that fire sales were a critical factor in inducing and exacerbating the financial crises of 2007--2008. The leverage intermediaries, which defined as ratio total assets to capital, key causing sales. Why do intermediaries expand their balance sheets despite subsequently having sell at discounted prices? To examine this question, we incorporate into three-period incompl...