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Kevin Rock (1986)
Why new issues are underpricedJournal of Financial Economics, 15
Robert Holthausen (1990)
Accounting method choice: Opportunistic behavior, efficient contracting, and information perspectivesJournal of Accounting and Economics, 12
J. Aharony, Chan-Jane Lin, Martin Loeb (1993)
Initial Public Offerings, Accounting Choices, and Earnings Management*Contemporary Accounting Research, 10
Peter Clarkson, Alex Dontoh, G. Richardson, Stephan Sefcik (1992)
The voluntary inclusion of earnings forecasts in IPO prospectusesContemporary Accounting Research, 8
L. Deangelo (1981)
Auditor size and audit qualityJournal of Accounting and Economics, 3
J. Ritter (1991)
The Long-Run Performance of Initial Public OfferingsJournal of Finance, 46
L. Deangelo (1988)
Managerial competition, information costs, and corporate governance: The use of accounting performance measures in proxy contests☆Journal of Accounting and Economics, 10
R. Ibbotson, J. Sindelar, J. Ritter (1988)
INITIAL PUBLIC OFFERINGSJournal of Applied Corporate Finance, 1
Susan Moyer (1990)
Capital adequacy ratio regulations and accounting choices in commercial banksJournal of Accounting and Economics, 13
P. Hughes (1986)
Signalling by direct disclosure under asymmetric informationJournal of Accounting and Economics, 8
Randolph Beatty, Robert Verrecchia (1989)
The effect of a mandated accounting change on the capitalization processContemporary Accounting Research, 5
J. Jones (1991)
Earnings Management During Import Relief InvestigationsJournal of Accounting Research, 29
M. McNichols, G. Wilson (1988)
Evidence of Earnings Management from the Provision for Bad DebtsJournal of Accounting Research, 26
W. Hall, Arthur Renner (1991)
Lessons Auditors Ignore at Their Own RiskJournal of accountancy, 171
I. Krinsky, W. Rotenberg (1989)
The valuation of initial public offeringsContemporary Accounting Research, 5
Randolph Beatty, J. Ritter (1986)
INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS*Journal of Financial Economics, 15
S. Titman, Brett Trueman (1986)
Information quality and the valuation of new issuesJournal of Accounting and Economics, 8
Abstract. Because there are no market‐determined prices for IPO shares before they are sold to investors, issuers and underwriters must use nonprice information about the firm to set the offering price. Accounting‐based measures are frequently identified as particularly useful in valuing untraded securities. This paper reports evidence that IPO issuers make income‐increasing discretionary accruals in the financial statements released before the offering. This evidence is consistent with the hypothesis that issuers believe that financial statement information affects IPO offering prices. Résumé. Les actions émises dans le cadre d'un premier appel, public à l'épargne n'ayant pas de prix fixé par le marché avant d'être vendues aux investisseurs, les émetteurs et les preneurs ferme doivent utiliser l'information relative à l'entreprise n'ayant pas trait au prix pour établir le prix d'émission. Les mesures d'origine comptable sont souvent considérées comme étant particulièrement utiles dans revaluation de valeurs mobilières non encore négociées. L'auteur démontre que dans les états financiers qu'elles publient avant l'émission, les entreprises qui procèdent à un premier appel public à l'épargne traitent les charges abonnées sur lesquelles elles exercent un pouvoir discrétionnaire de façon à hausser les bénéfices. Cette constatation est conforme à l'hypothèse selon laquelle les émetteurs estiment que l'information contenue dans les états financiers a une incidence sur le cours des actions émises dans le cadre d'un premier appel public à l'épargne.
Contemporary Accounting Research – Wiley
Published: Jun 9, 1994
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