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The Effects of the Reporting of Off-Balance-Sheet Investments on EPS Uncertainty, Leverage and Shareholders' Wealth

Financial management, 2012-12, Vol.41 (4), p.1009-1042 [Peer Reviewed Journal]

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Title:
The Effects of the Reporting of Off-Balance-Sheet Investments on EPS Uncertainty, Leverage and Shareholders' Wealth
Author: Mantecon, Tomas ; Conover, James ; Altintig, Acya ; Song, Kyojik
Subjects: Accounting ; Accounting and auditing ; Analytical forecasting ; Economic performance ; Financial investments ; Financial leverage ; Financial management ; Information analysis ; Investment analysis ; Investment risk ; Investment strategies ; Investors ; Joint ventures ; Linear regression ; Off balance sheet activities ; Quality of work ; Technique
Is Part Of: Financial management, 2012-12, Vol.41 (4), p.1009-1042
Description: The degree of control over operations affects the quality of information provided to investors. Uncertainty about operating performance increases following the first equity method (EM) reporting of off-balance-sheet investments, but only when the investments are joint ventures (JVs). Partners in JVs report lower levels of debt. These results are not due to informational deficiencies of the EM, but to the riskier nature of JVs. Long-run stock performance analysis indicates that investors experience normal risk-adjusted returns when investing in firms with economically significant off-balance sheet investments.
Publisher: Melbourne, Australia: Blackwell Publishing Asia
Language: English
Identifier: ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/j.1755-053X.2012.01195.x
Source: Alma/SFX Local Collection

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