119,273 research outputs found

    Earnings Management and Long-Run Stock Underperformance of Private Placements

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    The study investigates whether private placement issuers manipulate their earnings around the time of issuance and the effect of earnings management on the long-run stock performance. We find that managers of U.S. private placement issuers tend to engage in income-increasing earnings management in the year prior to the issuance of private placements. We further speculate that earnings management serves as a likely source of investor over-optimism at the time of private placements. To support this speculation, we find evidence suggesting that the income-increasing accounting accruals made at the time of private placements predict the post-issue long-term stock underperformance. The study contributes to the large body of literature on earnings manipulation around the time of securities issuance

    Social reference: Aggregating online usage of scientific literature in CiteULike for clustering academic resources

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    Citation-based methods have been widely studied and employed for clustering academic resources and mapping science. Although effective, these methods suffer from citation delay. In this study, we extend reference and citation analysis to a broader notion from social perspective. We coin the term "social reference" to refer to the references of literatures in social academic web environment. We propose clustering methods using social reference information from CiteULike. We experiment for journal clustering and author clustering using social reference and compare with citation-based methods. Our experiments indicate: first, social reference implies connections among literatures which are as effective as citation in clustering academic resources; second, in practical settings, social reference-based clustering methods are not as effective as citation-based ones due to the sparseness of social reference data, but they can outperform in clustering new resources that have few citation. © 2011 Authors
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