![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-1](http://images.happyhaksul.com/thumb/494/493772-0001.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-2](http://images.happyhaksul.com/thumb/494/493772-0002.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-3](http://images.happyhaksul.com/thumb/494/493772-0003.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-4](http://images.happyhaksul.com/thumb/494/493772-0004.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-5](http://images.happyhaksul.com/thumb/494/493772-0005.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-6](http://images.happyhaksul.com/thumb/494/493772-0006.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-7](http://images.happyhaksul.com/thumb/494/493772-0007.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-8](http://images.happyhaksul.com/thumb/494/493772-0008.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-9](http://images.happyhaksul.com/thumb/494/493772-0009.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-10](http://images.happyhaksul.com/thumb/494/493772-0010.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-11](http://images.happyhaksul.com/thumb/494/493772-0011.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-12](http://images.happyhaksul.com/thumb/494/493772-0012.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-13](http://images.happyhaksul.com/thumb/494/493772-0013.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-14](http://images.happyhaksul.com/thumb/494/493772-0014.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-15](http://images.happyhaksul.com/thumb/494/493772-0015.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-16](http://images.happyhaksul.com/thumb/494/493772-0016.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-17](http://images.happyhaksul.com/thumb/494/493772-0017.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-18](http://images.happyhaksul.com/thumb/494/493772-0018.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-19](http://images.happyhaksul.com/thumb/494/493772-0019.gif)
![[특수경영론] 논문분석-버그스텔러와 디체브의 이익조정에 관한 논문(영문)-20](http://images.happyhaksul.com/thumb/494/493772-0020.gif)
분야
pptx2.Existence and prevalence of EM
3.Evidence on the methods of EM
4.Motivations for EM
5.Conclusions
6.Further research
Literature review
Barth et al.(1995) “Firms with a consistent pattern of earnings increases command higher P/E multiples, after controlling for earnings levels”
DeAngelo et al.(1996) “Firms breaking a pattern of consistent earnings growth experience an average of 14% negative abnormal stock return in the year of the pattern is broken”
Anecdotal evidence
Literature review
Hayn(1995) “Interestingly, there is a point discontinuity around zero. Specifically, there is a concentration of cases just above zero, while there are fewer than expected cases(assuming the above normal distribution) of small losses(i.e., just below zero)”
Caslaw(1988), Thomas(1989) “Firms exercise dicretion to increase earnings when the level of earnings or earnings per share is slightly below a round number”
Statistical test
H1 : Earnings are managed to avoid earnings decreases
H2 : Earnings are managed to avoid losses
Assumption : under H0, the cross-sectional distributions of earnings changes and earnings levels are relatively smooth
Definitions of smoothness
The expected number of observations in any interval is the average of the number of observations in the two adjacent intervals
Previous study
Consider specific incentives
Assuming a particular method
Cross sectional approach
Large set of potential earnings manipulators
Focused on avoidance of losses
