Underwriter reputation, earnings management and the long-run performance of initial public offerings

Shao Chi Chang, Tsai Yen Chung, Wen Chun Lin

研究成果: Article同行評審

27 引文 斯高帕斯(Scopus)

摘要

This study contributes to the extant literature on the nature of earnings management surrounding initial public offerings (IPOs) by investigating the role of underwriter reputation. We argue that prestigious underwriters will protect their reputation by carefully monitoring and certifying financial information on IPO firms, thereby limiting any potential earnings manipulation. As a result, those IPO firms that are associated with more prestigious underwriters are likely to exhibit substantially less-aggressive earnings management. Conversely, we find the existence of a negative relationship between earnings management and the post-offer performance of an IPO firm's stocks only for those firms associated with less-prestigious underwriters.

原文English
頁(從 - 到)53-78
頁數26
期刊Accounting and Finance
50
發行號1
DOIs
出版狀態Published - 2010 三月

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics, Econometrics and Finance (miscellaneous)

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