본 연구는 증권 발행시점을 전후한 경영자의 성과조정과 관련하여 두 가지 논점을 조사하는 것을 그 목적으로 한다. 구체적으로 본 연구는 첫째, 경영자의 성과조정이 주식을 발행할 때에만 국한되지 않고 전환사채와 신주인수권부사채(“지분전환가능사채”라고 부름)를 발행할 때에도 존재할 가능성을 조사한다. 둘째, 지분전환가능사채의 조달방식을 공모와 사모로 나눌 때 조달방식에 따라 경영자의 성과조정에 차이가 존재할 가능성을 조사한다. 본 연구의 결과는 지분전환가능사채에 대해서도 유의한 성과조정이 존재한다는 것을 보이고 있다.선행연구가 발견한 대로 본 연구는 주식을 발행하는 기업도 발행연도와 발행직전연도에 성과조정을 하고 있다는 것을 보이고 있다. 그러나 주식의 발행과 지분전환가능사채를 발행할 때발견되는 성과조정 사이에는 통계적으로 유의한 차이가 없었다. 마지막으로 본 연구는 공모발행이 사모발행보다 재량적 발생액이 더 크다는 것을 발견하였다.

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We examine two additional issues concerning earnings managementaround security issues. Specifically, we first investigate whether firms manageearnings around the issuance of convertible debts and warranty debts. Second,we analyze whether the magnitude of the earnings management differs betweenprivate offerings and public offerings.
Studies in finance suggest that the firm has incentives to minimize the cost ofcapital to benefit current shareholders at the expense of new shareholders.Based on this argument, several studies have documented that firms manageearnings through accruals when they issue common equity securities. They alsohave found that operating performance and price performance of the firms withequity security issues are below average. In addition, a number of recentstudies showed that stock price performance and operating performancedeclined after the issuance of convertible debts. These findings suggest thatearnings management may not be limited to the common stock issues but maybe present in other types of security issues such as convertible debt issues.Moreover, the focus in earnings management literature has been limited topublic offerings so far. Therefore, it is not clear whether earnings managementis present in private offerings. Since privately placed securities are purchasedby related parties who often are experts, it is possible that firms would notmanage earnings around the private issues of securities in part because thoseexperts can see through earnings management.We find that significant earnings management is present around convertibledebts and warranty debts issues. In particular, discretionary accruals aresignificantly positive in the year of, and immediately prior to the securityissues. The results mimic the pattern of the discretionary accruals documentedby prior research that investigates earnings management around common stockissues. In fact, the magnitude of the discretionary accruals around convertibledebt and warranty debt issues and common stock issues is indistinguishable.This shows that earnings management is not restricted to common equitysecurities but is present in convertible debt issues. In addition, we find thatearnings management is significantly larger for public offerings than it is forprivate offerings. Given that the target of private offerings is frequentlyrelated to parties who have expert knowledge in financial matters, our findingindicates that firms take advantage of naive investors in public offerings.

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