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AbstractWe investigate the implications of real earnings manipulation (REM) and reversals of REM on firms' future operating performance using quarterly data of firms with debt covenants. In the presence of debt covenants, firms are under persistent pressure to deliver financial results that exceed the thresholds of the debt covenant requirements. We find that REM is associated with lower future operating performance. More importantly, the reversals of REM in the following quarter have an incremental positive effect on future performance, which largely offsets the negative effect of REM. These results provide new evidence on REM reversals that differs from the existing literature. Instead of interpreting the reversals as an indication of true REM based on their negative association with future performance documented in Vorst (2016), our results suggest that REM reversals may be indicative of firms rewinding REM subsequently, which reduces the REM damage to firms' future operations.

Objectives: To assess the effects of trauma-focused cognitive behavioral therapy (TF-CBT) among maltreated children, and to examine the role of potential moderators. Methods: A search of eight databases was conducted. Eighteen studies involving 11 randomized and quasi-randomized controlled trials with 965 maltreated children were included, and the effect sizes were pooled using random-effect models. Results: There were large effect sizes for posttraumatic growth and emotional management. Moderate to large effects were evident for PTSD and depression, while small effects were found for anxiety, internalizing behavior, sexualized behavior, and parenting practice. Effects were maintained at 3–12 months for some outcome domains. The effectiveness of TF-CBT was better when delivered to older children, and versions of TF-CBT, delivery format, sessions, and treatment length will not affect effectiveness. Conclusions: TF-CBT effectively reduces abuse-related symptoms and improves positive psychosocial outcomes among maltreated children.