분기이익조정액의 추정 : 개별추정법 vs 누적추정법 = On the Estimation of Quarterly Earnings Management : The Discrete Estimation vs The Cumulative Estimation

다국어 초록 (Multilingual Abstract)

This paper studies on the estimation of quarterly earnings management. Specifically, I suggest an alternative method that supplements the existing estimation, comparing with it. The existing studies on the quarterly earnings management have estimated quarterly discretionary accruals by quarters in an industry. The method(discrete estimation) fixes statistical benchmarks in each quarter that devide discretionary or non-discretionary accruals irrespective of neighboring quarters. Consequently, the sum of quarterly discretionary accruals is not equal to yearly discretionary accruals. This causes over-estimations or under-estimations of discretionary accruals in a quarter. To supplement that point, I suggest the interim (cumulative)estimation of quarterly earnings managements. The interim estimation is designed to make the sum of quarterly discretionary accruals equal to yearly discretionary accruals. The interim estimation adjusts deviding benchmarks adaptively as quarters go on, supplementing discrete estimations. I reviews theoretical backgrounds on the usefulness of the interim estimations and conducts empirical experiments.