Do More Reputable Financial Institutions Reduce Earnings Management By Ipo Issuers

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Do More Reputable Financial Institutions Reduce Earnings Management by IPO Issuers?

Author : Gemma Lee
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Do More Reputable Financial Institutions Reduce Earnings Management by IPO Issuers? by : Gemma Lee

Download or read book Do More Reputable Financial Institutions Reduce Earnings Management by IPO Issuers? written by Gemma Lee and published by . This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates whether financial intermediaries (FIs) participating in the IPO process play a significant role in restraining earnings management (EM). Specifically, we examine whether EM around IPOs is negatively related to investment banks (IBs) and venture capital (VC) investor reputations. In general, we do not find evidence that VCs as a group significantly restrain EM by IPO issuers. However, we uncover strong evidence that more reputable VCs and IBs are associated with significantly less EM, which is consistent with them implicitly certifying the quality of issuer financial reports. Moreover, a stronger reduction in EM is found when more reputable IBs are matched with more reputable VCs, which indicates that VC and IB reputation are complements rather than substitutes. These conclusions are invariant to adjustments for potential endogeneity of underwriter reputation and VC-backing or reputation.

Three Essays in Equity Offerings and Related Issues

Author : Gemma Lee
Publisher :
ISBN 13 : 9781109918984
Total Pages : 133 pages
Book Rating : 4.9/5 (189 download)

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Book Synopsis Three Essays in Equity Offerings and Related Issues by : Gemma Lee

Download or read book Three Essays in Equity Offerings and Related Issues written by Gemma Lee and published by . This book was released on 2006 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation consists of three chapters. My first chapter examines the degree of earnings management by IPO issuers and further investigates which financial institutions participating in the IPO process play a significant role in discouraging earnings manipulation. I employ a propensity score matching technique to improve on the existing approach of measuring earnings management, and also to control for potential endogeniety. After controlling for endogeniety in these two variables, the analysis shows that underwriters, but not venture capitalists are associated with a significant decrease in earnings management.

The Oxford Handbook of IPOs

Author : Douglas Cumming
Publisher : Oxford University Press
ISBN 13 : 0190614595
Total Pages : 504 pages
Book Rating : 4.1/5 (96 download)

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Book Synopsis The Oxford Handbook of IPOs by : Douglas Cumming

Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.

Performance of Financial Institutions

Author : Patrick T. Harker
Publisher : Cambridge University Press
ISBN 13 : 9780521777674
Total Pages : 516 pages
Book Rating : 4.7/5 (776 download)

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Book Synopsis Performance of Financial Institutions by : Patrick T. Harker

Download or read book Performance of Financial Institutions written by Patrick T. Harker and published by Cambridge University Press. This book was released on 2000-05-18 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient operation of financial intermediaries--banks, insurance and pension fund firms, government agencies and so on--is instrumental for the efficient functioning of the financial system and the fueling of the economies of the twenty-first century. But what drives the performance of these institutions in today's global environment? In this volume, world-renowned scholars bring their expertise to bear on the issues. Primary among them are the definition and measurement of efficiency of a financial institution, benchmarks of efficiency, identification of the drivers of performance and measurement of their effects on efficiency, the impact of financial innovation and information technologies on performance, the effects of process design, human resource management policies, as well as others.

Earnings Management, Underwriter Reputation, and Marketization

Author : Chao Chen
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Earnings Management, Underwriter Reputation, and Marketization by : Chao Chen

Download or read book Earnings Management, Underwriter Reputation, and Marketization written by Chao Chen and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: With a sample of 504 IPO issuers over a period of 2002-2008 in China, this paper studies a previously ignored issue by examining the relationship between pre-IPO earnings management and underwriter reputation for issuers with different level of marketization. We document that underwriter reputation is negatively related to pre-IPO earnings management only if the issuer is highly marketized. Specifically, we find a significantly negative relationship between pre-IPO earnings management and underwriter reputation if the issuer is a non-state-owned enterprise (NSOE) issuer, a small-size issuer, or is listed on the Small and Medium Enterprise (SME) Board. No significant association is found for the state-owned enterprise (SOE) issuers, the large issuers, or Main Board issuers. We argue that the results are driven by the fact that issuers in the NSOE, small-sized, or SME market segment have more incentives to signal their earnings quality to avoid adverse selection by the investors, and/or reputable underwriters are more influential over their clients in mitigating earnings management.

Capital Choices

Author : Michael E. Porter
Publisher :
ISBN 13 : 9780071034272
Total Pages : pages
Book Rating : 4.0/5 (342 download)

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Book Synopsis Capital Choices by : Michael E. Porter

Download or read book Capital Choices written by Michael E. Porter and published by . This book was released on 1994-12-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Assessing Earnings Quality at the IPO

Author : Melissa F. Lewis
Publisher :
ISBN 13 :
Total Pages : 73 pages
Book Rating : 4.:/5 (278 download)

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Book Synopsis Assessing Earnings Quality at the IPO by : Melissa F. Lewis

Download or read book Assessing Earnings Quality at the IPO written by Melissa F. Lewis and published by . This book was released on 2007 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investors in initial public offering (IPO) firms face a dilemma: Should they rely on earnings containing income-increasing accruals when valuing IPOs? On one hand, these accruals could reflect information about managers' expectations of future cash flows. On the other hand, managers could use the discretion inherent in current accounting standards to opportunistically inflate earnings in hopes of increasing the offer price. This paper explores the extent to which reputable investment banks help resolve uncertainty about the quality of IPO firms' income-increasing accruals and resulting earnings. Investment bankers have the experience, knowledge, and incentives to accurately assess the quality of IPO firms' earnings and correctly price earnings components. Accordingly, I predict and find that income-increasing accruals are of higher quality for firms whose managers employ a reputable investment bank than for firms whose managers employ a less reputable investment bank. Further, IPO market participants capitalize earnings and positive accruals at higher multiples when firms employ reputable investment banks. The higher multiples applied to the earnings and income-increasing accruals of firms with reputable investment banks do not appear to be "over-priced" as Fama and French factor regressions show no evidence of long-run underperformance for the sample as a whole, or subsets of the sample with reputable investment bank representation. Overall, my findings are consistent with a sophisticated market for IPO securities, and suggest that market participants, on average, recognize and price differential earnings quality at the IPO.

The Routledge Companion to Financial Accounting Theory

Author : Stewart Jones
Publisher : Routledge
ISBN 13 : 1135107254
Total Pages : 791 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis The Routledge Companion to Financial Accounting Theory by : Stewart Jones

Download or read book The Routledge Companion to Financial Accounting Theory written by Stewart Jones and published by Routledge. This book was released on 2015-05-22 with total page 791 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial accounting theory has numerous practical applications and policy implications, for instance, international accounting standard setters are increasingly relying on theoretical accounting concepts in the creation of new standards; and corporate regulators are increasingly turning to various conceptual frameworks of accounting to guide regulation and the interpretation of accounting practices. The global financial crisis has also led to a new found appreciation of the social, economic and political importance of accounting concepts generally and corporate financial reporting in particular. For instance, the fundamentals of capital market theory (i.e. market efficiency) and measurement theory (i.e. fair value) have received widespread public and regulatory attention. This comprehensive, authoritative volume provides a prestige reference work which offers students, academics, regulators and practitioners a valuable resource containing the current scholarship and practice in the established field of financial accounting theory.

International Corporate Governance

Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 178560354X
Total Pages : 281 pages
Book Rating : 4.7/5 (856 download)

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Book Synopsis International Corporate Governance by : Kose John

Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2015-10-01 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics, volume 18, will present research on corporate governance both in the US and globally. The volume will aim at providing a deeper understanding of corporate governance practices, trends, innovations and challenges using international data.

Advances in Mergers and Acquisitions

Author : Cary L. Cooper
Publisher : Emerald Group Publishing
ISBN 13 : 1789736013
Total Pages : 196 pages
Book Rating : 4.7/5 (897 download)

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Book Synopsis Advances in Mergers and Acquisitions by : Cary L. Cooper

Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2019-06-17 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world.

Role of Underwriters in Restraining Earnings Management in Initial Public Offerings

Author : Hei Wai Lee
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Role of Underwriters in Restraining Earnings Management in Initial Public Offerings by : Hei Wai Lee

Download or read book Role of Underwriters in Restraining Earnings Management in Initial Public Offerings written by Hei Wai Lee and published by . This book was released on 2017 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the relationship between underwriter reputation and earnings management of IPO firms over the period of 1991-2005. We find that IPO firms engage in less earnings management if they are underwritten by prestigious investment bankers. Furthermore, the role of prestigious underwriters in restraining earnings management of IPO issuers do not change during the Internet Bubble period or after the passage of the Sarbanes-Oxley Act (SOX). The findings support the certification role of underwriters in the IPO process.We also document that firms going public in the post-SOX period engage in less earnings management compared to firms going public in the pre-SOX period. Further findings suggest that the changing objectives of venture capitalists may explain the reduction in the level of earnings management of IPO firms following the passage of SOX.

Earnings Management and Delisting Risk of Initial Public Offerings

Author : Jinliang Li
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Earnings Management and Delisting Risk of Initial Public Offerings by : Jinliang Li

Download or read book Earnings Management and Delisting Risk of Initial Public Offerings written by Jinliang Li and published by . This book was released on 2010 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings management is a corporate decision subject to costs. Both earnings management in the IPO process and the ex ante delisting risk of newly issued firms are related to firm fundamentals. With a sample of IPOs from 1980 to 1999, we find that the degree of earnings management possesses significant predictive power on IPO failure. IPO firms associated with aggressive earnings management are more likely to delist for performance failure, and tend to delist sooner. Furthermore, we find that IPO firms associated with conservative earnings management are more likely to be merged or acquired and they earn positive abnormal returns. Our results also show that IPO issuers manage earnings in response to market demand. Market-wide earnings management of IPO firms interacts with the IPO cycle documented by Lowry and Schwert (2002).

The Venture Capital Cycle

Author : Paul Alan Gompers
Publisher : MIT Press
ISBN 13 : 9780262072557
Total Pages : 592 pages
Book Rating : 4.0/5 (725 download)

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Book Synopsis The Venture Capital Cycle by : Paul Alan Gompers

Download or read book The Venture Capital Cycle written by Paul Alan Gompers and published by MIT Press. This book was released on 2004 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.

Earnings Management

Author : Joshua Ronen
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Earnings Management by : Joshua Ronen

Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

A Survey of the European IPO Market

Author :
Publisher : CEPS
ISBN 13 : 9290796588
Total Pages : 94 pages
Book Rating : 4.2/5 (97 download)

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Book Synopsis A Survey of the European IPO Market by :

Download or read book A Survey of the European IPO Market written by and published by CEPS. This book was released on 2006 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The world price of earnings opacity

Author : Uptal Bhattacharya
Publisher :
ISBN 13 : 9789616430258
Total Pages : 27 pages
Book Rating : 4.4/5 (32 download)

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Book Synopsis The world price of earnings opacity by : Uptal Bhattacharya

Download or read book The world price of earnings opacity written by Uptal Bhattacharya and published by . This book was released on 2002 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.