This paper examines the earnings management behavior of Japanese merger acquirers on the Tokyo Stock Exchange. Most Japanese mergers are transacted via stock swaps, when acquirers have incentive to manage pre-merger earnings to reduce the cost of acquisition. Consistent with this incentive, Japanese acquirers have significantly positive long-term abnormal accruals in the year prior to the merge...

In this paper, we examine the role of political connections by analyzing the short-and long-term performance of Chinese state owned enterprise (SOE) acquirers relative to private owned enterprise (POE) from 1994 to 2008. The empirical result shows that 1) SOE acquirers outperform the POE acquirer both in terms of long-run stock and operating performance; 2) announcement effect of POE acquirer t...

Groundwater is one of the most important water resources in Fars province. Based on this study, 95 percent of the total annual water consumption in Fars is used for agriculture, whereas the percentages for domestic and industrial uses are 4 and 1 percent, respectively. Population growth, urban and industrial growth, and agricultural development in Fars have created a condition of water stress. ...

Holding capital is costly for banks. Nevertheless, banks have operated with (varying degrees of) excess capital over the past decade. Because under current regulatory practice there is an inverse link between bank capital and regulatory scrutiny, it is reasonable to conjecture that banks with more capital are subject to fewer regulatory restrictions. One important decision where regulatory scru...

The study aims to examine the long-term abnormal returns to hospitality acquirers as well as the association between excess returns with financing methods and size. The study applies regression analysis with secondary data examining 19 hospitality acquirers from 1996 to 2007. Using hospitality sector specific indices, the study shows that hospitality acquirers receive positive abnormal returns ...

Abstract. The distributed unit hydrograph (DUH) method has been widely used for flow routing in a watershed because it adequately characterizes the underlying surface characteristics and varying rainfall intensity. Fundamental to calculation of DUH is velocity. However, currently velocity formula assumes global equilibrium ignores impact time-varying soil moisture content on velocity, which thu...