Earnings Management and StockPrice Behavior around IPOs

股票市场暂时被OPO的可支配应计项目误导，但长期来看不会。市场看重的是经理人在IPO后持有多少股票。投资者越是情绪化，低估的幅度就越大。但是，对于位于城市的IPO公司来说，抑价现象并不明显。日本的风险投资既不为IPO公司的快速发展提供投资，也不为IPO公司组建强大的经理团队做出贡献。

Stock markets are temporarily misled by discretionary accruals at OPO, but are not in the long term. Markets value how many stocks managers hold after IPO. The more sentimental investors are, the larger under-pricings are. However under-pricings are not so large in IPO firms which are located in a city. Venture capitals in Japan neither make an investment by which an IPO firm can grow rapidly nor contribute to organize a strong manager team in an IPO firm.