Earnings Management And The Long Term Market Performance Of Initial Public Offerings Working Paper 9401 29
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Earnings Management And The Long Term Market Performance Of Initial Public Offerings Working Paper 9401 29
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Author : Siew Hong Teoh,T.J.Wong,Gita R. Rao
language : en
Publisher:
Release Date : 1994
Earnings Management And The Long Term Market Performance Of Initial Public Offerings Working Paper 9401 29 written by Siew Hong Teoh,T.J.Wong,Gita R. Rao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Earnings Management And The Long Term Market Performance Of Initial Public Offerings
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Author : Siew Hong Teoh
language : en
Publisher:
Release Date : 1994
Earnings Management And The Long Term Market Performance Of Initial Public Offerings written by Siew Hong Teoh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Accrual basis accounting categories.
Backpacker
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Author :
language : en
Publisher:
Release Date : 2001-03
Backpacker written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-03 with categories.
Backpacker brings the outdoors straight to the reader's doorstep, inspiring and enabling them to go more places and enjoy nature more often. The authority on active adventure, Backpacker is the world's first GPS-enabled magazine, and the only magazine whose editors personally test the hiking trails, camping gear, and survival tips they publish. Backpacker's Editors' Choice Awards, an industry honor recognizing design, feature and product innovation, has become the gold standard against which all other outdoor-industry awards are measured.
Earnings Management And The Long Run Market Performance Of Initial Public Offerings
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Author : Siew Hong Teoh
language : en
Publisher:
Release Date : 1997
Earnings Management And The Long Run Market Performance Of Initial Public Offerings written by Siew Hong Teoh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Corporations categories.
Earnings Management And The Long Run Performance Of Spanish Initial Public Offerings
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Author : Maria J. Pastor-Llorca
language : en
Publisher:
Release Date : 2006
Earnings Management And The Long Run Performance Of Spanish Initial Public Offerings written by Maria J. Pastor-Llorca and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The poor stock price performance of firms conducting initial public offerings is one of the recent puzzles in financial literature. We detect this market anomaly for Spanish IPO firms and we investigate whether earnings management around the time of the offering can explain these results. Consistent with this explanation, we notice that issuing firms make use of discretionary accruals to report higher earnings in the IPO year. Moreover, firms with higher level of discretionary accruals experience more negative long-run abnormal returns. Thus, this evidence suggests that opportunistic earnings management explains, at least partially, the IPO anomaly in Spain.
Accounting Stock Performance
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Author : Liangyi Ouyang
language : en
Publisher: Open Dissertation Press
Release Date : 2017-01-27
Accounting Stock Performance written by Liangyi Ouyang and has been published by Open Dissertation Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-27 with Business & Economics categories.
This dissertation, "Accounting and Stock Performance of Initial Public Offerings and Seasoned Equity Offerings: Evidence in China" by Liangyi, Ouyang, 歐陽良宜, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Accounting and Stock Performance of Initial Public Offerings and Seasoned Equity Offerings: Evidence in China Submitted By OUYANG Liangyi For the Degree of Doctor of Philosophy at the University of Hong Kong in August 2004 Although it has a short history, the China stock market developed very fast in the past decade. Stock is now a primary investment instrument for Chinese. This research studies the long-term accounting and stock performance of initial public offerings and seasoned equity offerings in China. We find that operating performance of initial public offerings and seasoned equity offerings in China experience substantial deterioration in the post-issue period. Issuers typically have significant higher earnings and sales revenue than their industry peers before year 0. However, their advantages shrink to nothing in a short period. Extraordinarily high current accruals are reported in year 0, which consist of a large discretionary component after broken down by a Jones (1991) model. We attribute the unusual changes in accruals and operating performance to be a result of earnings management. Moreover, we find that both absolute and discretionary current accruals in year 0 are powerful in predicting changes of income and cash flow in the following three years. This finding further strengthens the hypothesis that managers dress up their earnings to meet the earnings threshold by recording aggressive accruals, which cause earnings reverse in the aftermarket period. Investors are surprised at the poor earnings. Earnings announcement effects, measured by 3-, 9- and 21-day market-adjusted abnormal returns are significantly negative in post-issue period. We also find stock offerings have negative buy-and-hold abnormal ii returns in a three-year window. Both IPOs and SEOs have around 30% less returns than size-matched non-issuers. However, when the matching standard changes to be size and book-to-market ratio, the abnormal returns are reduced by half and not significant for SEOs. We also apply the Fama and French (1993) model to monthly trading data of issuers. The result shows that the time-weighted abnormal return is not significant. We consider this difference to be a result of the time-clustering and cyclical pattern of stock issues in China. Due to high volumes of stock issues in periods of high past returns and low volumes in periods of low past returns, a time-weighted method may not find underperformance while an equal-weighted method may. We explain the negative cross-sectional abnormal returns as results of investor overoptimism and information asymmetry. Investors have insufficient information about issuers and overestimate issuers' future earnings. Along with new information released in earnings reports, they gradually downgrade their valuation, thus contributing to the negative cross-sectional returns. We find that the three-year buy-and-hold abnormal returns on issuers are significantly correlated with changes in net income during the same period, which is also supportive of the investor overoptimism hypothesis. This research contributes to the literature by providing new evidence from China, a major emerging economy with high growth. We suggest that earnings management could be stimulated by explicit earnings requirement and exacerbated by inve
Earnings Management And Delisting Risk Of Initial Public Offerings
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Author : Jinliang Li
language : en
Publisher:
Release Date : 2010
Earnings Management And Delisting Risk Of Initial Public Offerings written by Jinliang Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Earnings management is a corporate decision subject to costs. Both earnings management in the IPO process and the ex ante delisting risk of newly issued firms are related to firm fundamentals. With a sample of IPOs from 1980 to 1999, we find that the degree of earnings management possesses significant predictive power on IPO failure. IPO firms associated with aggressive earnings management are more likely to delist for performance failure, and tend to delist sooner. Furthermore, we find that IPO firms associated with conservative earnings management are more likely to be merged or acquired and they earn positive abnormal returns. Our results also show that IPO issuers manage earnings in response to market demand. Market-wide earnings management of IPO firms interacts with the IPO cycle documented by Lowry and Schwert (2002).
Earnings Management And Ownership Retention For Initial Public Offering Firms
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Author : Qintao Fan
language : en
Publisher:
Release Date : 2009
Earnings Management And Ownership Retention For Initial Public Offering Firms written by Qintao Fan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper investigates, both theoretically and empirically, how earnings management and ownership retention interact, and how these two jointly affect the equilibrium market valuation of IPO firms in the presence of information asymmetry. Analytically, this paper extends the univariate signaling framework of Leland and Pyle (1977) and derives an efficient signaling equilibrium in which both reported earnings and ownership retention are endogenously chosen to convey the IPO issuer's private information. It is shown that even though either ownership retention or reported earnings communicates the issuer's type to the market unambiguously, the issuer will strategically employ both signals to achieve separation from potential lower quality imitators at minimal cost. Comparative statics analysis shows that the trade-off between the two signals depends critically on the uncertainty over future earnings. The theoretical analysis generates several empirical implications regarding market efficiency, IPO pricing, and the strategic choice of earnings management. Through systematic econometric analysis, I confirm the major predictions of the model.
Under Pricing And Long Run Performance Of Initial Public Offerings In Developing Markets
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Author :
language : en
Publisher:
Release Date : 2001
Under Pricing And Long Run Performance Of Initial Public Offerings In Developing Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
The transition from being a private company to a public one is one of the most important events in the life of a firm. It is also one of particular interest to institutional investors, and the transition is facilitated through the initial public offering (IPO) process. The IPO provides a fresh source of capital that is critical to the growth of the firm and provides the founder and other shareholders such as venture capitalists a liquid market for their shares. From an institutional investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the firm. The purpose of this paper is to examine the long-run performance of IPOs in developing markets using various methods to ascertain the significance of the over or under-performance of IPOs. Among the many reasons for the performance which we see, one of them could be the sensitivity of the results to the choice of benchmarks. Dimson and Marsh, Ritter, Gregory et al., Fama and French and Fama have successively demonstrated the sensitivity of the long-run performance of the IPOs the benchmark used in the study. For this reason, I am also motivated to study the effect of various benchmarks on the return measurements so as to elucidate the possibility that the magnitude of the performance is benchmark dependent. Finally, the focus of this study will be the Chinese and Indian markets.
Incentives And Opportunities For Earnings Management In Initial Public Offerings
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Author : Siew Hong Teoh
language : en
Publisher:
Release Date : 1994
Incentives And Opportunities For Earnings Management In Initial Public Offerings written by Siew Hong Teoh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Cash management categories.