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    LUẬN VĂN Earnings warnings market reaction and management motivation - Somchai Supattarakul

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  6. Earnings warnings market reaction and management motivation - Somchai Supattarakul


    Earnings warnings: Market reaction and management motivation

    This dissertation provides empirical evidence on the market reaction to earnings warnings as well as management's motivation to issue earnings warnings. Specifically, this study first investigates whether self-selection bias exists in a firm's warning choice and if so, whether the warning effect (i.e., a differential market reaction associated with earnings news between warning and no-warning scenarios) is positive (negative) for good (bad) news warnings after controlling for potential self-selection bias. I find that self-selection does exist in a firm's warning choice and it creates a downward bias in the warning effect. I also find that the warning effect after controlling for self-section bias, on average, is positive (negative) for good (bad) news warnings suggesting that empirical evidence in Kasznik and Lev [1995] and Atiase, Supattarakul, Tse [2003] is robust after controlling for self-selection bias. More importantly, this study investigates whether and how the warning effect affects a firm's warning choice (i.e., to warn or not to warn). I find that a firm's tendency to warn is positively associated with the warning effect after controlling for other management motives to issue earnings warnings, i.e., litigation concerns, reputation concerns, and information asymmetry consequence concerns, suggesting that the warning effect itself provides management with an economic motivation to issue earnings warnings.
    Format: Dissertation
    Author(s): Supattarakul, Somchai
    Published: 2003
    Language: English

    Table of Contents
    List of Tables . x
    List of Figure .xii
    Chapter 1: Introduction 1
    Chapter 2: Prior Studies and Hypotheses . 10
    2.1 Differential market reaction (The warning effect) 10
    2.2 Self-selection in a firm’s warning choice 12
    2.3 Management motives to issue earnings warnings . 15
    Chapter 3: Model Specification and Estimation Procedures 20
    3.1 Model specification . 20
    3.2 Limited dependent variable or self-selectivity problem 22
    3.3 Lee [1978]’s approach . 23
    3.4 Methodological problems in Shu [2001] . 27
    Chapter 4: Sample Design and Variable Definitions . 30
    4.1 Sample selection criteria . 30
    4.2 Sample Description . 31
    4.3 Variable Definitions 32
    4.3.1 Market reaction associated with earnings news (MRW and
    MRN) . 32
    4.3.2 Determinants of market reaction associated with earnings
    news (Z*) 33
    4.3.3 Warning choice (WARN) 37
    4.3.4 Management motives to issue earnings warnings (S*) 37
    4.4. Sample descriptive statistics . 41
    Chapter 5: Empirical Tests and Results . 43
    5.1 Self-selection and its impacts on the warning effect . 43
    viii5.2 A firm’s tendency to warn and the warning effect 57
    Chapter 6: Summary and Conclusions . 62
    6.1 Summary . 62
    6.2 Contributions and future research . 63
    Figure and Tables 66
    References . 97
    Vita 101


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