الفهرس 
العنوانOnly 14 pages are availabe for public view
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Abstract
The mam objective of this research is to exarnme the impact of
conservative financial reporting on the announcement effect of Secondary
Public Offerings (SPO) in the Egyptian stock market. Specifically, this
research aims to investigate empirically: first; the market reaction to the
announcement of SPO, second; the individual effects of each type of
accounting conservatism- conditional and unconditional conservatism- on the
firm’s stock performance at the announcement of SPO, and finally; the
relationship between accounting conservatism and information asymmetry.
The empirical data were drawn from a sample of 79 SPOs for the period 2006-
2014 in the Egyptian Exchange. The event study methodology and multiple
regression analysis are used to test the research hypotheses. The results
indicate that: first, there is a significant negative abnormal return around the
announcements of SPOs. Second, there is a positive association between
accounting conservatism and the SPO announcement returns. Third, the
relationship between accounting conservatism and SPO announcement
returns is more pronounced for firms with high information asymmetry.
Finally, conservatism is an efficient mechanism that mitigates information
asymmetry problems. The research findings support the proponents of
accounting conservatism who argue that the absence of conservatism will
harm the financial reporting quality