{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/87148"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/87148","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Differential Stock Market Reactions to the Presentation and Timing of the Announcements of Restructuring Charges and Write -Offs","abstract":"I set up three hypotheses that predict the association between the true firm quality, the decisions regarding announcement and announcement type, and the market reactions to the announcement. I then develop a two-dimensional framework based on the presentation and timing of the announcements to analyze the effect of management's communication to investors. I use a sample of announcements of large negative special charges that were announced during 1986--1992, when the managers of firms had a great deal of discretion in announcing special charges. The results are consistent with a signaling scenario. Corporate managers intentionally choose presentation and timing of special charge announcements, using the flexibility allowed under the absence of relevant accounting rules, in order to send a signal to reveal their true quality to investors. Also, the market interprets the signal appropriately.","abstract_html":"I set up three hypotheses that predict the association between the true firm quality, the decisions regarding announcement and announcement type, and the market reactions to the announcement. I then develop a two-dimensional framework based on the presentation and timing of the announcements to analyze the effect of management's communication to investors. I use a sample of announcements of large negative special charges that were announced during 1986--1992, when the managers of firms had a great deal of discretion in announcing special charges. The results are consistent with a signaling scenario. Corporate managers intentionally choose presentation and timing of special charge announcements, using the flexibility allowed under the absence of relevant accounting rules, in order to send a signal to reveal their true quality to investors. Also, the market interprets the signal appropriately.","abstract_has_math":false,"creators":["Paik, Gyung Hyun"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Sougiannis, Theodore"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2015,"date_issued":"2015-09-28T15:39:20Z","date_published":"2015-09-28T15:39:20Z","updated_at":"2026-07-22T22:26:28Z","subjects":["Economics, Finance"],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(MiAaPQ)AAI3023162"],"render_values":[{"text":"(MiAaPQ)AAI3023162","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/87148","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Sougiannis, Theodore"]},{"key":"dc:creator","label":"Author","values":["Paik, Gyung Hyun"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2015-09-28T15:39:20Z","10000-01-01","2001"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, Finance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/87148","(MiAaPQ)AAI3023162"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["I set up three hypotheses that predict the association between the true firm quality, the decisions regarding announcement and announcement type, and the market reactions to the announcement. 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I then develop a two-dimensional framework based on the presentation and timing of the announcements to analyze the effect of management's communication to investors. I use a sample of announcements of large negative special charges that were announced during 1986--1992, when the managers of firms had a great deal of discretion in announcing special charges. The results are consistent with a signaling scenario. Corporate managers intentionally choose presentation and timing of special charge announcements, using the flexibility allowed under the absence of relevant accounting rules, in order to send a signal to reveal their true quality to investors. Also, the market interprets the signal appropriately.","Made available in DSpace on 2015-09-28T15:39:20Z (GMT). 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