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Webinar - Discover the PhD in Accounting Studies
Click here to register or copy the following address in your browser https://register.gotowebinar.com/register/4170777859725537539
Offered by Samuel Sponem - Associate Professor, HEC Montreal & President elect - Canadian Academic Accounting Association (CAAA)
This webinar will be held in English.
The Role of Earnings Management via Real Activities and Accrual Management in PIPEs” co-authored with Troy Pollard
Katherine Gunny, Associate Professor at University of Colorado, Denver and Director of the MS Accounting Program
Private investment in public equity (PIPE) under Regulation D has played an increasingly important role in capital formation for U.S. listed firms. We study the role of earnings management around PIPE transactions and the relative use of real vs. accrual-based earnings management. It is unclear whether the documented earnings management strategies around public equity offerings (e.g., Cohen and Zarown 2010; Kothari et al. 2016) apply to private placements given the significant differences between the two ways to raise capital. PIPEs, relative to public offerings, have minimal registration requirements, more accredited investors, shorter completion times, and less external monitoring by the SEC, auditors, and analysts. We find firms engage in significantly more real earnings management relative to accrual-based earnings management in PIPE years compared to non-PPE years, however, overall earnings management is not different because the higher incidence of real earnings management is offset by a lower incidence of accrual-based earnings management. In addition, we find when PIPE investors have a strong incentive to monitor earnings management (i.e. when investors cannot price protect against stock price declines by shorting the PIPE stock), there is less real earnings management. Our results suggest PIPE investors are able to detect and prevent real earnings management when the benefits of monitoring outweigh the costs.
Salle Louis-Laberge, 1st floor, red section (South Elevator)
HEC Montréal, 3000, chemin de la Côte-Ste-Catherine, Montréal, H3T 2A7
Zvi Singer 514-340-1847
Eduardo Schiehll 514-340-6516
Caroline Lambert 514-340-7794
Department of Accounting Sciences
3000, Cote-Ste-Catherine Road, Suite 5.468
Montreal (QC) H3T 2A7
Certificate Programs Office
5255, Decelles Ave., 6th floor
Montreal QC H3T 2B1
Professorship de recherche en sociologie de la profession comptable (Caroline Lambert)
BRIEGER, S., FRANCOEUR, Claude, WELZEL, C., BEN AMAR, W. (2017) Empowering Women: The Role of Emancipative Forces in Board Gender Diversity, Journal of Business Ethics, Forthcoming
CHATELAIN-PONROY, S., MIGNOT-GÉRARD, S., MUSSELIN, C. et SPONEM, Samuel. (2017). Is Commitment to Performance-based Management Compatible with Commitment to University “Publicness”? Academics’ Values in French Universities. Organization Studies, à paraître.
DAMBRIN, C. and LAMBERT, Caroline (2017) Beauty or not beauty: Making up the producer of popular culture, Management Accounting Research, 35: 35-46
FEDYK, Tatiana, SINGER, Zvi et SOLIMAN, M. (2017). The Sharpest Tool in the Shed: IPO Financial Statement Management of STEM vs. Non-STEM firms. Review of Accounting Studies, 22(4), 1541-1581.
FRANCOEUR, Claude, MELIS, A., GAIA, S. and ARESU, S. (2017) Green or Greed? An Alternative Look At CEO Compensation and Corporate Environmental Commitment, Journal of Business Ethics, 140(3), 439-453
FRANCOEUR, Claude, LABELLE, Réal, BALTI, S. and EL BOUZAIDI, S. (2017) To what extent do gender diverse boards enhance corporate social performance?, Journal of Business Ethics, Forthcoming
LE THIEULE, M.A., LAMBERT, Caroline et MORALES, J. (2017) Accompagner la mort, organiser la fin de vie Ethnographie d’un service de soins aigus de gériatrie Revue Française de Gestion, 262 (1): 105-121
SCHIEHLL, Eduardo, LEWELLYN, K. et MULLER-KAHLE, M. (2017). Pilot, Pivot and Advisory Boards: The Role of Governance Configurations in Innovation Commitment. Organization Studies
SINGER, Zvi, and ZHANG, J. (2017) Auditor Tenure and the Timeliness of Misstatement Discovery, The Accounting Review, Forthcoming
SPONEM, Samuel and LAMBERT, Caroline (2016) Exploring Differences in Budget Characteristics, Roles and Satisfaction: A Configurational Approach, Management Accounting Research, 30: 47–61
GARCIA-CASTRO, R., FRANCOEUR, Claude (2016) When More Is Not Better: Complementarities, Costs and Contingencies in Stakeholder, Strategic Management Journal, 37 (2): 406-424
HAZGUI, Mouna (2015) Dynamique de pouvoir dans l’espace régulatoire de l’audit légal en France, Comptabilité, Contrôle, Audit, 21 (1): 11-43
HAZGUI, Mouna and GENDRON, Y. (2015) "Blurred roles and elusive boundaries: On contemporary forms of oversight surrounding professional work", Accounting, Auditing & Accountability Journal, Vol. 28 Issue: 8, pp.1234-1262, https://doi.org/10.1108/AAAJ-12-2014-1890
CARASCO, A., FRANCOEUR, Claude, LABELLE, Réal, LAFFARGA J. and RUIZ-BARBADILLO, E. (2015) Appointing women to boards: Is there a cultural bias?, Journal of Business Ethics, 129 (2): 429-444
MAZOUZ, B., ROUSSEAU, A. et SPONEM, Samuel (2015) Le gestionnaire public en question; La difficile conciliation des logiques bureaucratique et managériale, Revue Française de Gestion, 41(250):89-104
SPONEM, Samuel (2015) Introduction aux numéros spéciaux de la Revue Française de Gestion :
GOSSELIN, M., HENRI, J.F. and LAURIN, Claude (2015) Costing Governmental Services in a Reformed Environment: Unreachable Goal or Unfinished Business?, Canadian Public Administration, Vol. 58 (3), Sept., pp. 384-405.
VINING, A.R., LAURIN, Claude and WEIMER, D.E. (2015) The Longer-Run Performance Effects of Agencification: Theory and Evidence from Quebec Agencies, Journal of Public Policy, Vol. 35 (2), Aug., pp. 193-222.
MARMOUSEZ, Sophie, FILIP, A., ANDRÉ, P. (2014) L'impact des normes IFRS sur la relation entre le conservatisme et l'efficacité des politiques d'investissement, Comptabilité Contrôle, Audit, Tome 20 (3) : 101-124
BOZEC, Yves, LAURIN, Claude and MEIER, I. (2014) The Relation between Excess Control and Cost of Capital under Different Law Regimes, International Journal of Managerial Finance, Vol. 10 (1), jan., pp. 93-114.
MORALES, J. and LAMBERT, Caroline (2013) Dirty work and the construction of identity An ethnographic study of management accounting practices, Accounting Organizations and Society, 38 (3): 228-244
BEN AMAR, W., FRANCOEUR, Claude, HAFSI, T. and LABELLE, Réal (2013) What Makes Better Boards? A Closer Look at Diversity and Ownership, British Journal of Management, 24 (1): 85-101
LE MAUX, Julien, SMAILI, N. and BEN AMAR, W. (2013) De la fraude en gestion à la gestion de la fraude, Revue Française de Gestion, 39/231: 73-85
MULLER-KAHLE, M. I., SCHIEHLL, Eduardo (2013) Gaining the ultimate power edge: Women in the dual role of CEO and Chair, Leadership Quarterly, 24 (5), 666-679
BOZEC, Yves, MEIER, I. and LAURIN, Claude (2013) Financial Flexibility and the Performance During the Recent Financial Crisis, International Journal of Commerce and Management, Vol. 23 (2), juin, pp. 2-22.
LAMBERT, Caroline and SPONEM, Samuel (2012) Roles, Authority and Involvement of the Management Accounting Function: A Multiple Case-study Perspective, European Accounting Review, 21 (3): 565-589
OZKAN, N., SINGER, Zvi and YOU, H. (2012) Mandatory IFRS Adoption and the Contractual Usefulness of Accounting Information in Executive Compensation, Journal of Accounting Research, 50 (4): 1077-1107
MALSCH, Bertrand, GENDRON, Y. and TREMBLAY, M.S. (2012) Sense making in Compensation Committees: A cultural theory perspective, Organization Studies, 33: 389-421
MARMOUSEZ, Sophie (2012) Étude d’une exception française : Les déterminants du choix de la composition du collège de commissaires aux comptes, Comptabilité, Contrôle, Audit, 1: 121-151
TESSIER, Sophie and OTLEY D. (2012) A conceptual development of Simons’ Levers of Control Framework, Management Accounting Research, 23 (3): 171-185
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For their availability, check their schedule that is posted on their doorstep.
The teaching assistants report to Marie-Eve Quenneville.
September 2018, mf
Jo Anne AUDET