haku: @author Shivakumar, L. / yhteensä: 6
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| Tekijä: | Ball, R. Shivakumar, L. |
| Otsikko: | Earnings quality at initial public offerings |
| Lehti: | Journal of Accounting & Economics
2008 : AUG, VOL. 45:2-3, p. 324-349 |
| Asiasana: | initial public offerings earnings United Kingdom financial reporting managers |
| Kieli: | eng |
| Tiivistelmä: | This paper shows that initial public offering (hereafter as: IPO) firms report more conservatively. It uses a sample of UK IPOs. This is attributed to the higher quality reporting demanded of public firms by financial statement users and consequentially higher monitoring by auditors, boards, analysts, rating agencies, press, and litigants, and to greater regulatory scrutiny (Ball, R., Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39, 83-128). The evidence of Teoh et al. (1998b. Earnings management and the subsequent market performance of initial public offerings. Journal of Finance 53, 1935-1974) is also questioned, which supports the alternative hypothesis assuming managers opportunistically inflate earnings to influence IPO pricing. The paper conjectures that upward-biased estimates of 'discretionary' accruals occure in a broad genre of studies on earnings management around same kind of large transactions and events. |
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