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Voluntary Disclosure Of Management Earnings Forecasts In Ipos And The Impact On Underpricing And Post Issue Return Performance
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Book Synopsis Voluntary Disclosure of Management Earnings Forecasts in Ipos and the Impact on Underpricing and Post - Issue Return Performance by : Vijay M. Jog
Download or read book Voluntary Disclosure of Management Earnings Forecasts in Ipos and the Impact on Underpricing and Post - Issue Return Performance written by Vijay M. Jog and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underpricing and post - issue return performance of Initial Public Offerings (IPOs) has long been a subject of extensive research and debate. While a variety of explanations for both have been put forward, asymmetric information between the owner/managers (insiders) and the investing public (outsiders) has factored as one of the main explanations. In this paper, we test for one mechanism designed to alleviate asymmetric information, namely, the voluntary disclosure of management earnings forecasts by issuers of IPOs. Our results indicate that the voluntary disclosure of forecasts has had a significant impact on both underpricing and post - issue return performance.
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 Lockup and Voluntary Earnings Forecast Disclosure in Ipos by : Beng Soon Chong
Download or read book Lockup and Voluntary Earnings Forecast Disclosure in Ipos written by Beng Soon Chong and published by . This book was released on 2009 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relation between lockup length and voluntary earnings forecast disclosures for IPOs in Singapore. Unlike firms in the United States, companies in Singapore are allowed to provide earnings forecasts in their IPO prospectuses. We find that forecasters are more likely to accept longer lockup periods, so that the lockup expires after the first post-IPO earnings announcement. Our study also shows that because the lockup agreement removes personal incentives to issue aggressive forecasts, IPO firms tend to issue conservative forecasts. Overall, our results suggest that the lockup mechanism adds credibility to the earnings forecast given in the IPO prospectus.
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 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 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 Regulations, Earnings Management, and Post-IPO Performance by : Jennifer L. Kao
Download or read book Regulations, Earnings Management, and Post-IPO Performance written by Jennifer L. Kao and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we examine whether government regulatory initiatives in China involving IPO by SOEs may have contributed to opportunistic behaviors by the issuer. We focus on two sets of IPO regulations issued between January 1, 1996 and February 11, 1999: pricing regulations, which stipulate that IPO prices be a function of accounting performance, and penalty regulations, which penalize IPO firms for overly optimistic forecasts. We find that IPO firms that report better pricing-period accounting performance have larger declines in post-IPO profitability, lower first-day stock returns and worse long-run post-IPO stock performance. Furthermore, IPO firms that make overoptimistic forecasts also have lower first-day returns and worse post-IPO stock performance. Using non-core earnings as the proxy for earnings management, we document some evidence that IPO firms that report higher pricing-period accounting performance have engaged in more income-increasing earnings management. Hence, pricing regulations may have induced IPO firms to inflate pricing-period earnings and affect the post-IPO performance negatively. On the other hand, penalty regulations have deterred IPO firms from making overoptimistic earnings forecast and therefore have a positive impact on the behavior of IPO firms.
Book Synopsis Voluntary Vs. Mandatory Management Earnings Forecasts in IPOs by : Dimitrios Gounopoulos
Download or read book Voluntary Vs. Mandatory Management Earnings Forecasts in IPOs written by Dimitrios Gounopoulos and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Management Earnings Expectations, Earnings Uncertainty and Voluntary Disclosure of Earnings Forecasts by Management by : Jung Ho Choi
Download or read book Management Earnings Expectations, Earnings Uncertainty and Voluntary Disclosure of Earnings Forecasts by Management written by Jung Ho Choi and published by . This book was released on 1987 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10 by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2012-12-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
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 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 Earnings Forecasts Disclosure Regulation and Earnings Management by IPO Firms by : Bikki Jaggi
Download or read book Earnings Forecasts Disclosure Regulation and Earnings Management by IPO Firms written by Bikki Jaggi and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether a regulation on mandatory disclosure of earnings forecasts encourages managers to issue more optimistic earnings forecasts, and whether the optimistic forecasts are revised downward or the reported earnings are managed upward using discretionary accruals to reduce the forecast error. Additionally, it evaluates how investors react to earnings management and forecast revisions. The study is based on 760 forecasts issued by Taiwan IPO firms from 1991 to 2000 after the regulation to issue the earnings forecasts was imposed by the Taiwan Securities and Futures Exchange Commission (TSFEC) and it also uses a sample of 86 IPO firms prior to the issue of regulation. The results show that the IPO firms issue more optimistic forecasts than conservative forecasts. They adjust their reported earnings of optimistic forecasts upward with discretionary accruals more than revising the earnings forecasts downward, whereas they revise conservative forecasts upward more than adjusting the reported earnings downward. The results on the comparative analysis of earnings management by IPO firms before and after issuance of the TSFEC regulation provide additional support to the findings that earnings management by IPO firms increased significantly after the regulation was imposed. The results on investors' reaction to reported earnings show that investors reacted positively to higher reported earnings compared to the last revision of forecasts and they ignored the upward adjustment of reported earnings. Their reaction has been negative to downward revisions and positive to upward revisions.
Book Synopsis Earnings Management and Long-run Post-issue Performance of IPOs in India by : Mamta Dhanda
Download or read book Earnings Management and Long-run Post-issue Performance of IPOs in India written by Mamta Dhanda and published by . This book was released on 2020 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The controversies surrounding accounting figures bring forth the downgraded quality of financial statements in India. Opportunistic management of earnings at the cost of stakeholders' interest requires prompt regulatory measure as they may become grave in high profile corporate events like mergers and public issues. Focusing on one of the most important mega events of initial public offerings (IPOs) the present study evaluates the accounting figure of IPOs that came out during April 2010 to March 2013. The study measures pre and post issue earnings management for a time span of 11 years from April 2008 to March 2019 and post issue long run earnings and stock performance using Modified Jones Model (1995) for a time span of seven years including issue year and six post issue years. The study provides evidence of earnings management by Indian IPO firms and post issue earnings and stock underperformance due to reversal of discretionary current accruals of issue year. The study emphasizes on better monitoring and regulatory environment and precise definition of accounting choices to control managed accounts to avoid frequent fraud incidents.
Book Synopsis The Impact of Forecast Disclosure and Accuracy on Equity Pricing by : Janice C. Y. How
Download or read book The Impact of Forecast Disclosure and Accuracy on Equity Pricing written by Janice C. Y. How and published by . This book was released on 2001 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on IPO: The New Regulation and Initial Public Offering Underpricing Phenomenon by : Ji Yu
Download or read book Three Essays on IPO: The New Regulation and Initial Public Offering Underpricing Phenomenon written by Ji Yu and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation presents three papers that examine the impact of a new regulation, Jumpstart Our Business Startups Act (JOBS Act) 2012, and initial public offering underpricing phenomenon. I study cost and benefit of the JOBS Act and human capital's impact on IPO underpricing in this dissertation. Specifically, paper 1 and paper 2 examine consequences of the JOBS Act. And paper 3 examines human capital's impact on IPO underpricing. Paper 1 studies impact of the JOBS Act on IPO's direct cost and indirect cost (underpricing). By collecting related information from three years pre-Act and three years post-Act, I find that the passage of the JOBS Act significantly increases the IPO indirect cost and decreases IPO direct cost. Voluntary disclosure of use-of-proceeds is an important strategy that JOBS Act affected firms use to decrease the information asymmetry. Both ordinary least square method and difference-in-difference method are used to support my results. Paper 2 studies the consequences of the JOBS Act. The JOBS Act creates a new category of new listed firms, Emerging Growth Companies (EGCs), with a key requirement of annual revenue less than $1 billion. EGCs can take advantage of less vigorous regulation and less disclosure requirement. Paper 2 examines the financial performance and value relevance of EGCs. I find that EGCs' financial performance is weaker than that of non-EGCs and the value relevance of accounting information is lower for EGCs. This study contributes to the literature by documenting unintended consequences of the JOBS Act. Lastly, paper 3 studies impact of manager ability on IPO underpricing. My key proxy of manager ability follows Demerjian et al. (2012) MA-Score. My results show that IPOs with higher manger ability tend to have lower IPO underpricing. This association becomes more pronounced if the CEO has higher motivation to monitor the IPO process. The findings of this study are valuable to issuing firms considering hiring higher caliber managers and investors in evaluating IPO firms.
Book Synopsis Voluntary Management Earnings Forecasts, Discretionary Accruals and Stock Returns by : Jeffrey D. Gramlich
Download or read book Voluntary Management Earnings Forecasts, Discretionary Accruals and Stock Returns written by Jeffrey D. Gramlich and published by . This book was released on 1999 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
