The bright side of investor sentiment: evidence from real activities manipulation

doi:https://doi.org/10.1080/16081625.2019.1673186

UM > Faculty of Business Administration > DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS

Residential College	false
Status	已發表Published
	The bright side of investor sentiment: evidence from real activities manipulation
	Si, Y 1; Xia, C 2; Yang, E3
	2019-10
Source Publication	Asia-Pacific Journal of Accounting & Economics
Volume	27 Issue:3 Pages:327–351
Abstract	This paper studies how investor sentiment affects managers’ real activities manipulation (RAM). Under the catering hypothesis, managers engage in high level of RAM to meet investors’ expectations of earnings when sentiment is high. Under the curbing hypothesis, managers are concerned about the negative impact of RAM and sentiment reversal in the future, and hence involve in less RAM when sentiment is high. We find consistent results with the curbing hypothesis. Our results are robust to alternative specifications and measures for investor sentiment and RAM.
Keyword	Earnings Management Real Activities Manipulation Investor Sentiment
DOI	https://doi.org/10.1080/16081625.2019.1673186
URL	View the original
Indexed By	SSCI
Language	英語English
Fulltext Access	View Full-Text via DOI
Citation statistics
Document Type	Journal article
Collection	DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding Author	Xia, C
Affiliation	1.Xi’an Jiaotong University 2.University of Science and Technology of China 3.University of Macau
Recommended Citation GB/T 7714	Si, Y,Xia, C,Yang, E. The bright side of investor sentiment: evidence from real activities manipulation[J]. Asia-Pacific Journal of Accounting & Economics, 2019, 27(3), 327–351.
APA	Si, Y., Xia, C., & Yang, E (2019). The bright side of investor sentiment: evidence from real activities manipulation. Asia-Pacific Journal of Accounting & Economics, 27(3), 327–351.
MLA	Si, Y,et al."The bright side of investor sentiment: evidence from real activities manipulation".Asia-Pacific Journal of Accounting & Economics 27.3(2019):327–351.

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