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Erschienen in:

14.06.2021

Stock market reaction and adjustment speed to multiple announcements of accounting restatements

verfasst von: Kyung-Chun Mun

Erschienen in: Journal of Economics and Finance | Ausgabe 1/2022

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Abstract

This paper investigates how investors react to multiple restatement announcements and how rapidly they adjust to the information content of the restatement when firms announce the restatement more frequently and the time lag from the prior announcement becomes lengthier. For our own purposes of analysis, overall investors are segmented into two groups: those responding positively and negatively to restatements. We find that investors making a positive initial response to restatements become less favorable to subsequent restatements, while those making a negative initial response become less negative to subsequent restatements. The restatement with a shorter (longer) time lag from the prior restatement is taken favorably (unfavorably) by both groups of investors alike. We also find evidence that investors responding positively to restatements tend to delay moderately the speed at which they adjust to information contained in the restatement after the restatement announcement, and the delay becomes lengthier as restatements are more frequently announced. In contrast, investors responding negatively tend to adjust more rapidly in the post-announcement period with an increasing number of restatements. Both groups of investors consistently adjust more quickly (more slowly) to the restatement with a shorter (longer) lag from the prior announcement.

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Fußnoten
1
Firms often issue multiple restatement announcements in which the current restatement can be identical with or different from prior restatements in reasons and other issues for restatements. This paper focuses on the number of restatement announcements regardless of whether reasons and other issues for restatements are identical or different across announcements. Each announcement of the multiple restatements is distinct in this study.
 
2
Our data show that while 61.5% of the dataset for multiple restatement announcements generates negative CARs, 38.5% generates positive CARs.
 
3
The large variability of the time interval between announcements may attenuate the association between the time interval and market reaction to restatements. Enhanced analysis of the time interval in conjunction with the market reaction could be achieved by utilizing robust data including the nature/background (e.g., intentional/unintentional/legal issues) of subsequent restatements following the initial announcement, which is left for future research.
 
4
Fama (1998) claims that the market model approach can be preferably used to measure abnormal returns for event study analysis. It is also suggested that the market model can circumvent the bad model problem in generating expected returns (see, for example, Fama and French 1993; Kothari and Warner 1997).
 
5
Out-of-sample expected returns for each sample company are obtained as follows: first, we initially estimate the intercept and slope coefficient from the regression of \({R}_{i,t}\) on \({R}_{m,t}\) using the data set of 100 observations from t =\(- (T + 1)\) to t = \(- (T + 100)\), where \(- T\) = the starting date of event window for CARs. The estimates of the two parameters will then be used to obtain expected returns for each sample company over the event window period.
 
6
The underlying assumption on which the explanation is predicated is consistent with the notion that since the information embedded in bad news (the adverse consequences of restatements) is more uncertain and difficult to value than the information embedded in good news (the benefits obtainable from remedial actions), investors respond more strongly to bad news than to good news (Mian and Sankaraguruswamy 2012; Williams 2015). Moreover, Kothari et al. (2009) document that the negative stock price reaction to the bad news disclosure is greater in magnitude than the positive reaction to the good news disclosure because good news tends to be leaked to the market prior to its public release, whereas managers tend to withhold the bad news from investors up to a certain threshold.
 
7
High (Low) investor sentiment represents overvaluation (undervaluation) of risky assets driven by high (low) investors’ propensity to speculate, which leads to low (high) expected risk-adjusted returns (Brown and Cliff 2005; Baker and Wurgler 2006; Mian and Sankaraguruswamy 2012).
 
8
The \(\theta_{i}\) estimates for the restatement period (from t = -2 to t =  + 2) are obtained employing t = -3 residual data to exclude any restatement effect of one day after another within the restatement period.
 
9
Investors would overreact (underreact) to less (more) egregious restatements because they avert ambiguity in shaping the response to information releases and more (less) uncertainty is likely found in more (less) egregious restatements (Burks 2011).
 
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Metadaten
Titel
Stock market reaction and adjustment speed to multiple announcements of accounting restatements
verfasst von
Kyung-Chun Mun
Publikationsdatum
14.06.2021
Verlag
Springer US
Erschienen in
Journal of Economics and Finance / Ausgabe 1/2022
Print ISSN: 1055-0925
Elektronische ISSN: 1938-9744
DOI
https://doi.org/10.1007/s12197-021-09552-w

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