005) as these firms are likely to have managed earnings
to marginally exceed the positive earnings threshold during these years.
This is based on the tailwinds of managed earnings
and a US Fed that is reluctant to end the easy money despite the obvious need to do so.
We find that firms who managed earnings
before the adverse event had less negative reaction to the adverse event than those who did not.
In addition, many contracting incentives are tied directly or indirectly to earnings based measures which also provide strong incentives for managed earnings
Only 1,259 (43%) of 2,931 firms managed earnings
by choosing income decreasing reserve account changes.
Overall, Siuslaw Financial managed earnings
of 27 cents per share for the quarter.
The "return" numerator of net operating profit after taxes (NOPAT), based on managed earnings
, is suspect because of the many deficiencies of accrual-based earnings.
There is no evidence of a positive (negative) PEAD for those firms with large positive (negative) earnings changes that are least likely to have managed earnings
As commonly known, many contracting motivators are also tied to earnings based measures which again provide strong motivators for managed earnings
But the bank still managed earnings
for its investors of 28 cents per share for the fourth quarter and $1.
Also included in this release are pro forma non-GAAP financial results which reflect the impact of previously announced acquisitions and adjustments for certain charges to demonstrate the business operations' managed earnings
Managers of issuing firms may have managed earnings
for reasons other than trying to induce investor optimism.