Earnings management around seasoned equity offerings : evidence from Borsa Istanbul

Kazanç yönetimi ve motivasyonlarının incelenmesi, özellikle muhasebe skandallarıyla ilgili sürekli haberlerin çıkmasının ardından, son yıllarda çok fazla ilgi odağı olmuştur. Yöneticiler, belirli bir fayda elde etmek için kazançları fırsatçı bir şekilde manipüle etmeye eğilimli olurlar. Manipülatif davranışların nedenleri arasında, potansiyel yatırımcıların firmanın gelecekteki nakit akışlarına ilişkin beklentilerini yükseltmek, ikincil halka arz civarında karı arttırmak yer almaktadır. Böylelikle hisse satış fiyatı artacak ve dolayısıyla ondan elde edilen nakit akışlarının miktarı da artacaktır.Bu çalışma, Borsa İstanbul'da işlem gören firmaların bu motivasyonla kâr yönetimi yapıp yapmadığını incelemektedir. İkincil halka arzlar öncesinde, sırasında ve sonrasında, tahakkuk ve gerçek bazlı kazanç yönetimi uygulamalarını araştırır. Borsa İstanbul, iki açıdan benzersiz bir inceleme ortamı sunmaktadır. Birincisi, borsada işlem gören firmaların çoğu, firmaları üzerindeki etki veya kontrollerini kaybetmeye karşı olan aileler tarafından yüksek oranda kontrol edilmektedir. İkincisi, Borsa İstanbul'daki ikincil halka arzların neredeyse tamamı, literatürün yeterince incelemediği yeni pay alma hakkı (rüçhan hakkı) kullanımıdır. 2005-2018 yılları arasında gerçekleştirilen toplam 120 ikincil halka arz incelenmiştir. Kazanç yönetimini ölçmek için değiştirilmiş Jones (1991) ve Roychowdhury (2006) modelleri kullanılmıştır.Yapılan analizler Borsa İstanbul'da işlem gören firmalardan, ikincil halka arz yapanların, yapmayan firmalara kıyasla, arzdan önceki yılda daha yüksek gelir artırıcı tahakkuk ve gerçek bazlı kazanç yönetimi faaliyetinde bulunmadığını göstermektedir. Sonuçlar, gelir artırıcı manipülasyonun arzın yapıldığı yılda başladığını ve sonraki yılda devam ettiğini göstermektedir. Sonuçlara göre, yöneticilerin kazanç yönetimine fırsatçı bir şekilde katılmadığı, ancak bunu arzların yapıldığı yılda ve sonrasında karlılık ve performans üzerindeki olumsuz etkilerini azaltmak için yaptıkları söylenebilir. Diğer bir açıklama ise, kontrol eden ailelerin kontrollerini kaybetmemek veya azaltmaktan kaçınmak için satışa sunulan payları satın almayı tercih etmeleri ve dolayısıyla fazla ödeme yapmamak için yöneticilere gelir artırıcı kazanç yönetimine girmemeleri yönünde baskı yapmaları olabilir.The study of earnings management and its motivations have been the center of much attention in the recent decades, especially after the continuous news of accounting scandals. Managers are motivated to manipulate earnings opportunistically to achieve a specific benefit. Among these motives is to manage earnings upward around seasoned equity offerings in an attempt to raise potential investors’ expectations regarding the future cash flows of the firm. This in turn will inflate the price of the offering, and hence, increase the amount of cash flows generated from it.This study examines this motive for Borsa Istanbul listed firms. It investigates accrual- and real-based earnings management practices around seasoned equity offerings. Borsa Istanbul offers a unique setting for examination in two aspects. First, most of the listed firms are highly influenced or controlled by families, which are notably against losing influence or control over their firms. Second, almost all of the seasoned equity offerings in Borsa Istanbul are rights issues, which the literature does not examine sufficiently. A total number of 120 rights issues performed between 2005 and 2018 are examined. The modified Jones (1991) and the Roychowdhury (2006) models are utilized to measure earnings management.In general, the results show that managers of firms listed on Borsa Istanbul does not engage in higher income-increasing AEM and REM in the year prior to the offering, compared to non-offering firm-years. The results show that the income-increasing manipulation starts at the year of the offering and continues for the year after. One explanation for the results is that managers do not engage in earnings management opportunistically, but do so in order to mitigate the negative effects of the offerings on performance. Another explanation is that controlling families opt to purchase the rights issues to avoid losing or diluting their control, and hence pressure managers not to engage in income-increasing earnings management in order not to overpay for the issues

Insights in the mechanisms underlying the anti-ulcer activity of nicorandil

H. A. F Ismail, Department of Pharmacology and Toxicology, Faculty of Pharmacy, Minia University, Minia, EgyptThis study was conducted to investigate possible mechanisms underlying the gastroprotective effect of nicorandil on experimentally-induced gastric lesions in rats. The rats were randomly assigned to vehicle (saline or tween 80), nicorandil (2 mg/kg), glibenclamide (2 mg/kg), nicorandil plus glibenclamide- and cimetidine (50 mg/kg)-pretreated groups, in addition to the non-stressed control group, to demonstrate whether the KATP channel opening activity contributed to nicorandil's gastroprotection. Gastric lesions were induced by water immersion-restraint stress (WIRS) and ulcer indices were determined. Gastric juice parameters (pH, free and total acid output, and pepsin and mucin concentrations) were determined for each group. Another group of rats was divided into control, saline-pretreated and nicorandil (2 mg/kg)-pretreated subgroups. The rats were subjected to 5 h of WIRS and the stomachs were used for determination of gastric mucosal levels of lipid peroxides, histamine, prostaglandin E2 (PGE2) and total nitrites. Nicorandil displayed significant protection against gastric lesions formation. Glibenclamide, when administered concomitantly with nicorandil, abolished its protective effects. Nicorandil significantly reduced gastric acid secretion and pepsin concentration, but upon co-administration with glibenclamide, these effects were blocked. Additionally, nicorandil significantly reduced gastric mucosal lipid peroxides and total nitrites back to near normal levels and significantly increased gastric mucosal PGE2, but did not alter significantly histamine levels. The results confirm a gastroprotective effect for nicorandil, the mechanism of which comprises KATP channel opening, free radical scavenging, PGE2 elevation, decrease of proteolytic activity and acid output and prevention of the detrimental increase of nitric oxide during WIRS, probably, by inhibiting iNOS activity

Infective Endocarditis in Patients on Chronic Hemodialysis

International audienceInfective endocarditis (IE) is a common and serious complication in patients receiving chronic hemodialysis (HD)

Influence of the timing of cardiac surgery on the outcome of patients with infective endocarditis and stroke.

BACKGROUND: The timing of cardiac surgery after stroke in infective endocarditis (IE) remains controversial. We examined the relationship between the timing of surgery after stroke and the incidence of in-hospital and 1-year mortalities. METHODS: Data were obtained from the International Collaboration on Endocarditis-Prospective Cohort Study of 4794 patients with definite IE who were admitted to 64 centers from June 2000 through December 2006. Multivariate logistic regression and Cox regression analyses were performed to estimate the impact of early surgery on hospital and 1-year mortality after adjustments for other significant covariates. RESULTS: Of the 857 patients with IE complicated by ischemic stroke syndromes, 198 who underwent valve replacement surgery poststroke were available for analysis. Overall, 58 (29.3%) patients underwent early surgical treatment vs 140 (70.7%) patients who underwent late surgical treatment. After adjustment for other risk factors, early surgery was not significantly associated with increased in-hospital mortality rates (odds ratio, 2.308; 95% confidence interval [CI], .942-5.652). Overall, probability of death after 1-year follow-up did not differ between 2 treatment groups (27.1% in early surgery and 19.2% in late surgery group, P = .328; adjusted hazard ratio, 1.138; 95% CI, .802-1.650). CONCLUSIONS: There is no apparent survival benefit in delaying surgery when indicated in IE patients after ischemic stroke. Further observational analyses that include detailed pre- and postoperative clinical neurologic findings and advanced imaging data (eg, ischemic stroke size), may allow for more refined recommendations on the optimal timing of valvular surgery in patients with IE and recent stroke syndromes

Impact of early valve surgery on outcome of staphylococcus aureus prosthetic valve infective endocarditis: Analysis in the international collaboration of endocarditis-prospective cohort study

Background. The impact of early valve surgery (EVS) on the outcome of Staphylococcus aureus (SA) prosthetic valve infective endocarditis (PVIE) is unresolved. The objective of this study was to evaluate the association between EVS, performed within the first 60 days of hospitalization, and outcome of SA PVIE within the International Collaboration on Endocarditis-Prospective Cohort Study. Methods. Participants were enrolled between June 2000 and December 2006. Cox proportional hazards modeling that included surgery as a time-dependent covariate and propensity adjustment for likelihood to receive cardiac surgery was used to evaluate the impact of EVS and 1-year all-cause mortality on patients with definite left-sided S. aureus PVIE and no history of injection drug use. Results. EVS was performed in 74 of the 168 (44.3%) patients. One-year mortality was significantly higher among patients with S. aureus PVIE than in patients with non-S. aureus PVIE (48.2% vs 32.9%; P = .003). Staphylococcus aureus PVIE patients who underwent EVS had a significantly lower 1-year mortality rate (33.8% vs 59.1%; P = .001). In multivariate, propensity-adjusted models, EVS was not associated with 1-year mortality (risk ratio, 0.67 [95% confidence interval, .39-1.15]; P = .15). Conclusions. In this prospective, multinational cohort of patients with S. aureus PVIE, EVS was not associated with reduced 1-year mortality. The decision to pursue EVS should be individualized for each patient, based upon infection-specific characteristics rather than solely upon the microbiology of the infection causing PVIE

Impact of early valve surgery on outcome of Staphylococcus aureus prosthetic valve infective endocarditis: analysis in the international collaboration of Endocarditis-Prospective Cohort Study

Background. The impact of early valve surgery (EVS) on the outcome of Staphylococcus aureus (SA) prosthetic valve infective endocarditis (PVIE) is unresolved. The objective of this study was to evaluate the association between EVS, performed within the first 60 days of hospitalization, and outcome of SA PVIE within the International Collaboration on Endocarditis–Prospective Cohort Study. Methods. Participants were enrolled between June 2000 and December 2006. Cox proportional hazards modeling that included surgery as a time-dependent covariate and propensity adjustment for likelihood to receive cardiac surgery was used to evaluate the impact of EVS and 1-year all-cause mortality on patients with definite left-sided S. aureus PVIE and no history of injection drug use. Results. EVS was performed in 74 of the 168 (44.3%) patients. One-year mortality was significantly higher among patients with S. aureus PVIE than in patients with non–S. aureus PVIE (48.2% vs 32.9%; P = .003). Staphylococcus aureus PVIE patients who underwent EVS had a significantly lower 1-year mortality rate (33.8% vs 59.1%; P = .001). In multivariate, propensity-adjusted models, EVS was not associated with 1-year mortality (risk ratio, 0.67 [95% confidence interval, .39–1.15]; P = .15). Conclusions. In this prospective, multinational cohort of patients with S. aureus PVIE, EVS was not associated with reduced 1-year mortality. The decision to pursue EVS should be individualized for each patient, based upon infection-specific characteristics rather than solely upon the microbiology of the infection causing PVIE

HACEK infective endocarditis: characteristics and outcomes from a large, multi-national cohort.

The HACEK organisms (Haemophilus species, Aggregatibacter species, Cardiobacterium hominis, Eikenella corrodens, and Kingella species) are rare causes of infective endocarditis (IE). The objective of this study is to describe the clinical characteristics and outcomes of patients with HACEK endocarditis (HE) in a large multi-national cohort. Patients hospitalized with definite or possible infective endocarditis by the International Collaboration on Endocarditis Prospective Cohort Study in 64 hospitals from 28 countries were included and characteristics of HE patients compared with IE due to other pathogens. Of 5591 patients enrolled, 77 (1.4%) had HE. HE was associated with a younger age (47 vs. 61 years; p<0.001), a higher prevalence of immunologic/vascular manifestations (32% vs. 20%; p<0.008) and stroke (25% vs. 17% p = 0.05) but a lower prevalence of congestive heart failure (15% vs. 30%; p = 0.004), death in-hospital (4% vs. 18%; p = 0.001) or after 1 year follow-up (6% vs. 20%; p = 0.01) than IE due to other pathogens (n = 5514). On multivariable analysis, stroke was associated with mitral valve vegetations (OR 3.60; CI 1.34-9.65; p<0.01) and younger age (OR 0.62; CI 0.49-0.90; p<0.01). The overall outcome of HE was excellent with the in-hospital mortality (4%) significantly better than for non-HE (18%; p<0.001). Prosthetic valve endocarditis was more common in HE (35%) than non-HE (24%). The outcome of prosthetic valve and native valve HE was excellent whether treated medically or with surgery. Current treatment is very successful for the management of both native valve prosthetic valve HE but further studies are needed to determine why HE has a predilection for younger people and to cause stroke. The small number of patients and observational design limit inferences on treatment strategies. Self selection of study sites limits epidemiological inferences