کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
8960909 1646447 2018 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Ex ante and ex post overvalued equities: The roles of corporate governance and product market competition
ترجمه فارسی عنوان
سرمایه گذاری های خارج از بورس اوراق بهادار و پس از آن: نقش حاکمیت شرکت ها و رقابت در بازار کالا
کلمات کلیدی
حاکمیت شرکتی، مدیریت درآمد، ارزش سهام بالا، ارزش گذاری درآمد، رقابت بازار محصول،
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار، مدیریت و حسابداری (عمومی)
چکیده انگلیسی
This paper examines equity overvaluation and the effects of corporate governance and product market competition on market valuation of potentially overvalued equities in an economy with high earnings management and weak investor protection (Taiwan). We follow Beneish and Nicholas (2009) to mimic Altman Z-Score and Beneish M-Score to compose an ex ante O-Score to measure overvaluation. We show that our ex ante overvaluation measure (O-Score) can effectively identify those that are likely to be overvalued by manipulation. Portfolios of longing stocks with high current O-Score and shorting stocks with low current O-Score earn abnormal returns. Portfolios of longing stocks with high one-year-ahead O-Score and shorting stocks with low one-year-ahead O-Score suffer losses. We also show that corporate governance reduces but product market competition raises managers' incentive to manipulate market overvaluation. Moreover, product market competition reduces market valuation on currently overvalued equities. Corporate governance effectively reduces but product market competition reinforces the reverse effect of one-year-ahead overvaluation on current market valuation.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Asia Pacific Management Review - Volume 23, Issue 3, September 2018, Pages 209-221
نویسندگان
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