Market reactions to changes in earnings manipulation risk : evidence from the stock exchange of Thailand
This study investigates on change in earning manipulation (Beneish M-score) quarter on quarter whether it reflected in stock returns on the Stock Exchange of Thailand (SET). This work done by using Carhart four-factor model on 398 non-financial firms over 2006Q2-2024Q4 (~7,300 firm-quarter observations), four hypothese...