The economic profitability of pre-IPO earnings management and IPO underperformance
作者： Yan Xiong , Haiyan Zhou , Sanjay Varshney
DOI: 10.1007/S12197-008-9056-0
关键词:
摘要: The purpose of this paper is to test the market performance a zero-investment trading strategy based on knowledge IPO underperformance and estimates pre-IPO earnings management. This implemented by forming two-firm portfolios that take short positions in IPOs long control firms matched industry capitalization. first shows significant positive abnormal returns can be earned underperformance. However, relationship between level management not found significant. Overall, our results suggest existent plays important roles although investors may sophisticated enough measure
springer.com
questia.com参考文章(33)
Fischer Black, Michael C Jensen, Myron Scholes, The Capital Asset Pricing Model: Some Empirical Tests Social Science Research Network. ,(1972)
Siew Hong Teoh, Tak J Wong, Gita R Rao, None, Are Accruals during Initial Public Offerings Opportunistic Review of Accounting Studies. ,vol. 3, pp. 175- 208 ,(1998) , 10.1023/A:1009688619882
Ray Ball, S.P. Kothari, Nonstationary expected returns Journal of Financial Economics. ,vol. 25, pp. 51- 74 ,(1989) , 10.1016/0304-405X(89)90096-2
Bruce I. Jacobs, Kenneth N. Levy, More on Long–Short Strategies Financial Analysts Journal. ,vol. 51, pp. 88- 90 ,(1995) , 10.2469/FAJ.V51.N2.1885
Wayne R. Guay, S. P. Kothari, Ross L. Watts, A Market-Based Evaluation of Discretionary Accrual Models Journal of Accounting Research. ,vol. 34, pp. 83- 105 ,(1996) , 10.2307/2491427
Sheridan Titman, Brett Trueman, Information quality and the valuation of new issues Journal of Accounting and Economics. ,vol. 8, pp. 159- 172 ,(1986) , 10.1016/0165-4101(86)90016-9
Jennifer J. Jones, Earnings Management During Import Relief Investigations Journal of Accounting Research. ,vol. 29, pp. 193- 228 ,(1991) , 10.2307/2491047
Robert C. Merton, M. C. Jensen, Studies in the theory of capital markets Journal of Money, Credit and Banking. ,vol. 29, pp. 1604- ,(1973) , 10.2307/1991396
SEHA M. TINIÇ, Anatomy of Initial Public Offerings of Common Stock Journal of Finance. ,vol. 43, pp. 789- 822 ,(1988) , 10.1111/J.1540-6261.1988.TB02606.X
Jay R. Ritter, THE HOT ISSUE MARKET OF 1980 The Journal of Business. ,vol. 57, pp. 215- 240 ,(1984) , 10.1086/296260