Since the opening of China's securities market,there have been a number of bull and bear cycles.This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize...Since the opening of China's securities market,there have been a number of bull and bear cycles.This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value.We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations.We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.展开更多
基金supported by the National Social Science Foundation(08CJY2009)support from the New Century Excellent Talents Project of the Education Ministry+3 种基金the Outstanding Young Academic Leaders Project of Nanjing Universitythe Young Backbone Teacher Project of Nanjing Universitythe Accounting and Finance Research Institute of the Shanghai University of Financesupport from the International Accounting PhD Programs(IAPHD)scheme of Nanjing University
文摘Since the opening of China's securities market,there have been a number of bull and bear cycles.This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value.We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations.We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.
