Beating Earnings Benchmarks and the Cost of Debt

By John (Xuefeng) Jiang. 2008

343 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/0187a55c50f04b0433ad6eb1e9a31b939510f92d

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Citations in the corpus

Gender diversity and earnings management: the case of female directors with financial background (2021, neutral): “1999; Jiang 2008).”
Real Earnings Management and the Cost of New Corporate Bonds (2014, positive): “Consistent with Jiang (2008), we also use bond ratings as a proxy for the ex ante cost of public”
Policy Risk, Corporate Political Strategies, and the Cost of Debt (2016, background): “2 Jiang (2008) suggests that institutional investors account for 95 percent of bond investors.”
Credit Ratings and Taxes: The Effect of Book–Tax Differences on Ratings Changes (2008, background): “Prior research notes that the cost of debt is associated with firm characteristics such as size, profitability, and risk (e.g., Kaplan and Urwitz 1979; Sengupta 1998; Ahmed et al. 2002; Jiang 2008).”
Asymmetric benchmarking in bank credit rating (2012, neutral): “Jiang (2008) also use 17 numerical ratings, whereas Ashbaugh-Skaife et al. (2006) use 7 n umerical ratings.”
Internal Governance and Real Earnings Management (2016, background): “Consistent with this reasoning, Jiang (2008) finds that the reduction in the cost of debt from beating earnings benchmark is more pronounced for firms with 18 high default risk.”
Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research (2010, neutral): “27 variable (e.g., Ahmed et al. 2002; Shi 2003; Ashbaugh-Skaife et al. 2006; Cremers et al. 2007; Eberhardt et al. 2008; Lee 2008; Hann et al. 2007; Jiang 2008; Mansi et al. 2004, 2009).”
The impact of corporate governance mechanisms on real and accrual earnings management practices: evidence from Jordan (2019, methodology): “As can be seen from Panel A, the estimated regression coefficients for EM proxies are consistent with prior studies (for example, Roychowdhury, 2006 and Kang and Kim, 2012). The average adjusted R(2)s across industry-years show reasonable explanatory power and are consistent with those produced by R”
The effect of CEO power on bond ratings and yields (2010, neutral): “Credit-rating agencies have access not only to firms' public information but also to nonpublic information such as minutes of board meetings and profit breakdown by product (Jiang, 2008).”
Financial Reporting and the Protection of Socioemotional Wealth in Family-Controlled Firms (2014, background): “Extant evidence reveals that capital markets and debt holders will reward firms meeting or beating analyst earnings expectations (by increasing the stock price and decreasing the cost of the debt, respectively) and penalise firms missing the target (by lowering the stock price and increasing the cos”
Earnings Smoothing Activities of Firms to Manage Credit Ratings (2012, background): “For example, Jiang (2008) finds that beating earnings benchmarks has a differential impact on”
The pricing of green bonds: Are financial institutions special? (2019, methodology): “Following previous studies (Jiang, 2008; Ge and Liu, 2015; Wang and Zhang, 2009), we alternatively measure the dependent variable as the difference between the bond yield at issuance and a sovereign bond yield with comparable maturity, issued in the same country as our reference security.”
The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms (2017, background): “…disclosure or performance measures and the cost of debt has been analysed to a significant degree (Ahmed, Billings, Morton, & Stanford-Harris, 2002; Jiang, 2008; Reeb, Mansi, & Allee, 2001), there are few and controversial studies on the effects of non-financial, and especially social, performance…”