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The Determinants Of Accuracy Of Management Of Earnings Forecasts In Uk Initial Public Offerings Prospectuses And Their Association With Initial Ipo Returns 1996 2000
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Book Synopsis The Determinants of Accuracy of Management of Earnings Forecasts in UK Initial Public Offerings Prospectuses and Their Association with Initial IPO Returns 1996-2000 by : Electra-Joanna Doumas
Download or read book The Determinants of Accuracy of Management of Earnings Forecasts in UK Initial Public Offerings Prospectuses and Their Association with Initial IPO Returns 1996-2000 written by Electra-Joanna Doumas and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of the Accuracy of Earnings Forecasts in IPO Prospectuses and Their Association with Initial IPO Returns: a Study of Greece by : Eirini Spanoudaki
Download or read book The Determinants of the Accuracy of Earnings Forecasts in IPO Prospectuses and Their Association with Initial IPO Returns: a Study of Greece written by Eirini Spanoudaki and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Multinational Finance Journal written by and published by . This book was released on 2011 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Voluntary Disclosure of Profits Forecasts in UK IPOs Prospectuses, Its Determinants and Implications by : Zeina Al-Ahmad
Download or read book The Voluntary Disclosure of Profits Forecasts in UK IPOs Prospectuses, Its Determinants and Implications written by Zeina Al-Ahmad and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the differences between IPOs that voluntarily disclose earnings forecasts in their prospectuses and those that do not. Using a sample of 166 UK IPOs listed between 1992-2002, we investigate whether forecasters have different firms' characteristics than non forecasters and whether they perform differently in the short and medium term. The results support the hypotheses that forecasters are firms that are closer to their financial year-end, have lower past profit variability, and higher growth prospect than non forecasters. However, the initial and after market returns of forecasters are not better than that of non forecasters. We also find evidence that optimistic forecasters, ceteris paribus, significantly underperform conservative forecasters and non forecasters in the mid term. Moreover, at the time of going public, investors can use earnings predicted by time series models to asses the performance of forecasters IPOs.
Book Synopsis Earnings Forecasts Disclosed in UK IPO Prospectuses: an Empirical Analysis of the Determinants and Implications of Their Disclosure and Accuracy/bias by : Zeina Al-Ahmad
Download or read book Earnings Forecasts Disclosed in UK IPO Prospectuses: an Empirical Analysis of the Determinants and Implications of Their Disclosure and Accuracy/bias written by Zeina Al-Ahmad and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bias and Accuracy of Management Earnings Forecasts by : Bruce J. McConomy
Download or read book Bias and Accuracy of Management Earnings Forecasts written by Bruce J. McConomy and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses how the bias and accuracy of managers' earnings forecasts in prospectuses were affected by a 1989 regulation that required the forecasts to be audited by public accountants. Theory suggests that auditors' association with the forecasts would reduce positive (optimistic) bias, by reducing moral hazard. Regulators expected that the audit requirement would also improve the accuracy of the forecasts. Both predictions were tested using management earnings forecasts disclosed in prospectuses of Canadian initial public offerings. The results show that audited forecasts contained significantly less positive bias than reviewed forecasts, but there was only a marginally significant improvement in accuracy.Key Words: Initial public offering; Bias; Earnings forecast.
Book Synopsis Voluntary Disclosure of Management Earnings Forecasts in IPO Prospectuses by : Bruce J. McConomy
Download or read book Voluntary Disclosure of Management Earnings Forecasts in IPO Prospectuses written by Bruce J. McConomy and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Asymmetric information and mechanisms for its resolution in the initial public offering (IPO) process are subjects of extensive research and debate. In this paper, we investigate the impact of one such mechanism, namely voluntary disclosure of management earnings forecasts by issuers of IPOs, as a means of reducing asymmetric information as well as ex ante uncertainty. Our focus is on the relative importance of this voluntary disclosure mechanism on both IPO underpricing and post-issue return performance. Our results indicate that management earnings forecasts provide important and incremental information compared to other means of reducing asymmetric information, and these disclosures appear to improve the environment of IPO issuance. For example, our underpricing results show that firms that choose to provide forecasts leave quot;less money on the tablequot; with a lower degree of underpricing. In terms of post-issue performance, firms whose forecasts turn out to be optimistic are penalized significantly relative to other forecasters and non-forecasters.
Book Synopsis Forecasts in IPO Prospectuses by : Denis Cormier
Download or read book Forecasts in IPO Prospectuses written by Denis Cormier and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research suggests that managers may use earnings management to meet voluntary earnings forecasts. We document the extent of earnings management undertaken within Canadian Initial Public Offerings (IPOs) and study the extent to which companies with better corporate governance systems are less likely to use earnings management to achieve their earnings forecasts. In addition, we test other factors that differentiate forecasting from non-forecasting firms, and assess the impact of forecasting and corporate governance on future cash flow prediction. We find that firms with better corporate governance are more likely to include a voluntary earnings forecast in their IPO prospectus. In addition, we find that corporate governance factors have an impact on the use of accruals management to meet forecasts, and on the predictive value of discretionary accruals.
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?
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:
Book Synopsis Accuracy of Forecast Information Disclosed in the IPO Prospectuses of Hong Kong Firms by : Bikki Jaggi
Download or read book Accuracy of Forecast Information Disclosed in the IPO Prospectuses of Hong Kong Firms written by Bikki Jaggi and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong investors as well as international investors would be interested to know how accurate are the forecasts disclosed in the Initial Public Offering (IPS) prospectuses issued by Hong Kong companies. This study has examined bias as well as accuracy of IPO forecasts disclosed from 1990 to 1994. The results of the study show that unlike IPO forecasts disclosed in most other countries, IPO forecasts disclosed by Hong Kong companies do not overestimate their earnings. Instead, the bias seems to be toward underestimation of earnings. The level of forecast accuracy is also quite high and compares favorably with that of most other countries. The results show that the level of accuracy to some extent is influenced by the company's age, i.e., how many years the company has been in business. No other firms-specific variable seems to have any influence on the accuracy level. On an overall basis, the findings of this study can be interpreted to mean the IPO forecasts disclosed by Hong Kong companies provide reliable information.
Book Synopsis The Impact of Forecast Disclosure and Accuracy on Equity Pricing by : Julian Yeo
Download or read book The Impact of Forecast Disclosure and Accuracy on Equity Pricing written by Julian Yeo and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a relatively less litigious environment like Australia, it is common to find IPO firms that voluntarily provide forecasts in their prospectus. Using 158 Australian industrial IPOs listed from 1991 to 1997, we examine the impact of the disclosure and accuracy of earnings and dividend forecasts on equity pricing. Our results show that IPO firms' disclosure policy is not related to their initial and long-run valuation. However, the market appears to price managers' ability to forecast: firms with inaccurate earnings and dividend forecasts, especially those that fall short of their forecasts, experience adverse price reactions surrounding the day when the actual figures are released. Our results also show a significant relationship between forecast errors and IPO firms' post-listing performance. Further analysis shows that this relationship is driven mainly by the announcement effect.
Book Synopsis Incentives and Opportunities for Earnings Management in Initial Public Offerings by :
Download or read book Incentives and Opportunities for Earnings Management in Initial Public Offerings written by and published by . This book was released on 1994 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulatory Profit Targets and Earnings Management in Initial Public Offerings by : Ismail Norashikin
Download or read book Regulatory Profit Targets and Earnings Management in Initial Public Offerings written by Ismail Norashikin and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the extent of earnings management associated with meeting forecasts made in IPO prospectuses in a developing economy where government regulation requires a profit forecast but allow promoters to choose either (1) to provide a profit guarantee or (2) to elect for a moratorium on share transfers for a defined period. Since the manager is mandated to make earnings forecast and there are costs associated with forecast error, we hypothesise that, in the first reporting period following the IPO, managers opting for a profit guarantee will signal their ability to produce a result within the target zone while managers opting for a share moratorium will match that performance to maintain their reputation, with the result that both groups are indistinguishable in the magnitude of earnings management.Using a sample of 92 regulated IPO firms we find a strong negative association between forecast error before earnings management and a firm's discretionary accruals. Our results support the hypotheses, leading to the conclusion that earnings are managed towards the forecast amount, consistent with both the desire not to deviate excessively from the forecast and income smoothing.
Book Synopsis Bias, Accuracy and Rationality of Profit Forecasts Disclosed in Malaysian IPO Prospectuses and the Association of Forecast Error with Initial Returns by : Derek Adam Ferris
Download or read book Bias, Accuracy and Rationality of Profit Forecasts Disclosed in Malaysian IPO Prospectuses and the Association of Forecast Error with Initial Returns written by Derek Adam Ferris and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings management and the Long-term market performance of initial public offerings.Working Paper #9401-29 by : Siew Hong Teoh,T.J.Wong,Gita R. Rao
Download or read book Earnings management and the Long-term market performance of initial public offerings.Working Paper #9401-29 written by Siew Hong Teoh,T.J.Wong,Gita R. Rao and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Associations Between Management Forecast Accuracy and Pricing of IPOs in Athens Stock Exchange by : Dimitrios Gounopoulos
Download or read book Associations Between Management Forecast Accuracy and Pricing of IPOs in Athens Stock Exchange written by Dimitrios Gounopoulos and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the earnings forecast accuracy of newly listed companies on the Athens Stock Exchange and further investigates the relationship between earnings forecast and pricing of IPOs. It uses a unique data set of 208 IPOs, which were floated during the period of January 1994 to December 2001 in the Athens Stock Exchange. The results suggest that investors are able to anticipate forecast errors at the time of listing. Pricing of IPOs indicate that firms with negative earnings forecast (pessimistic) are associated with low level of underpricing while optimistic management earning forecast can be a signal for high initial returns. Three variables ndash; age of the IPOs, ownership by insiders and industry classification significantly contribute towards accuracy of earnings forecast.
