Information uncertainty, earnings management, and long-run stock performance following initial public offerings

Sheng Syan Chen, Wen Chun Lin, Shao Chi Chang, Chih Yen Lin

研究成果: Article同行評審

13 引文 斯高帕斯(Scopus)

摘要

We examine how information uncertainty surrounding IPO (initial public offering) firms influences earnings management and long-run stock performance. For low-information-uncertainty issuers, at-issue earnings' management is positively related to subsequent unmanaged earnings and has no relationship to market reaction to earnings announcement and long-run stock performance following the offering. For high-information-uncertainty issuers, however, at-issue earnings' management is unrelated to subsequent unmanaged earnings and negatively related to market reaction to earnings announcement and long-run stock performance following the offer. The evidence suggests that, on average, managers in low-information-uncertainty firms tend to engage in earnings' management for informative purposes, while managers in high-information-uncertainty firms engage in earnings' management for opportunistic purposes.

原文English
頁(從 - 到)1126-1154
頁數29
期刊Journal of Business Finance and Accounting
40
發行號9-10
DOIs
出版狀態Published - 2013 十一月

All Science Journal Classification (ASJC) codes

  • Accounting
  • Business, Management and Accounting (miscellaneous)
  • Finance

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