ABSTRACT Objective: this study aims to verify if companies that practice equity market timing have higher earnings management levels around the stock issue period. Method: we used a sample of 68 seasoned offerings (SEOs) in Brazil from 2004-2015. First, ranked among (timers) behavior SEOs and those did not (non-timers). Second, estimated each company’s by Modified Jones with ROA models. Finally...

This study evaluates the performance of Australian Listed Property Trusts (LPTs) in the context of selectivity and timing over June 1998 to May 2003, and provides significant practical implications for investment strategies for LPT managers. The importance of benchmark indices and model specifications to performance evaluation is tested and highlighted in this paper. After specifying the approp...

We explore a new dimension of fund managers' timing ability by examining whether they can time market liquidity through adjusting their portfolios'market exposure as aggregate liquidity conditions change. Using a large sample of hedge funds, we find strong evidence of liquidity timing. A bootstrap analysis suggests that top-ranked liquidity timers cannot be attributed to pure luck. In out-of-sa...