Sugata Roychowdhury  [JAE 2006]

关于real earnings management的最重要的论文之一

Abstract
I find evidence consistent with managers manipulating real activities to avoid reporting annual
losses. Specifically, I find evidence suggesting price discounts to temporarily increase sales,
overproduction to report lower cost of goods sold, and reduction of discretionary expenditures to
improve reported margins. Cross-sectional analysis reveals that these activities are less prevalent in
the presence of sophisticated investors. Other factors that influence real activities manipulation
include industry membership, the stock of inventories and receivables, and incentives to meet zero
earnings. There is also some, though less robust, evidence of real activities manipulation to meet
annual analyst forecasts.