Earnings Management and the Pricing of Initial Public Offerings
Earnings Management and the Pricing of Initial Public Offerings
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DOI：
10.1142/s0219091507001197
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发表时间：
2007-12
影响因子：
0.9
通讯作者：
Kyoko Nagata;T. Hachiya
中科院分区：
文献类型：
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作者：
Kyoko Nagata;T. Hachiya
本研究旨在探讨盈余管理程度是否会影响首次公开募股（IPO）的发行价格。本文以581家JASDAQ IPO公司为样本，研究发现发行价在一定程度上反映了盈余管理。保守盈余管理的公司往往有更高的发行价，而积极盈余管理的公司往往在未能表现出平稳的盈余增长时被折价。这些结果与承销商调整盈余管理影响以适当定价的假设一致。总的来说，我们的证据可能会导致IPO抑价的另一种解释。
This study investigates whether the extent of earnings management has any impact on offer price in initial public offering (IPO). Using a sample of 581 JASDAQ IPO firms, we find that offer price reflects earnings management to some extent. Firms with conservative earnings management tend to have higher offer prices, and firms managing earnings aggressively tend to be discounted when they fail to exhibit smooth earnings growth. These results are consistent with the hypothesis that underwriters adjust for the effect of earnings management to appropriately pricing the issues. Overall, our evidence could lead to another explanation for IPO underpricing.