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A. Zaman, Mehmet Orhan, P. Rousseeuw (2017)
Econometric Applications of High-Breakdown Robust Regression TechniquesEconometrics: Econometric & Statistical Methods - Special Topics eJournal
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This study investigates whether the extent of earnings management has any impact on offer price in initial public offering (IPO). Using a sample of 581 JASDAQ IPO firms, we find that offer price reflects earnings management to some extent. Firms with conservative earnings management tend to have higher offer prices, and firms managing earnings aggressively tend to be discounted when they fail to exhibit smooth earnings growth. These results are consistent with the hypothesis that underwriters adjust for the effect of earnings management to appropriately pricing the issues. Overall, our evidence could lead to another explanation for IPO underpricing.
Review of Pacific Basin Financial Markets and Policies – World Scientific Publishing Company
Published: Dec 1, 2007
Keywords: Initial public offerings earnings management consecutive earnings increases underpricing
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