An earlier question on the subject explains that you can request a reboot with proper permissions, but that the OS may cancel it. I would like a Device Administration application on a rooted phone to perform a shutdown on e.g. maximum failed password attempts, rather than data wipe. Because this is a security issue, stronger guarantees about the shutdown/reboot than those provided by PowerManager would be nice.
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I answered it before here: Android 2.2: Reboot device programmatically
In short,
It is equivalent to do
adb reboot. Its effect is immediate.