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We analyze the interaction between high workload of the Securities and Exchange Commission (SEC) staff and the information production stimulated by their review process of initial public offerings (IPOs). We find that high workload is associated with more generic comments in the first letter,...
Persistent link: https://www.econbiz.de/10013236937
Earnings management at the time of the IPO is an important issue and has captured considerable attention of academic literatures. However, there have been few studies testing earnings management in the context of market condition, and when financial intermediaries such as venture capital (VC)...
Persistent link: https://www.econbiz.de/10013106128
The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...
Persistent link: https://www.econbiz.de/10009775653
wird. -- Squeeze-Out ; Abfindungsspekulation ; Kursbeeinflussung ; Mehrheitsaktionär ; Informationspolitik ; Bilanzpolitik …
Persistent link: https://www.econbiz.de/10003838445
Within the U.K.'s proactive financial-reporting-enforcement regime, we examine the effect of increased regulatory scrutiny on equity values. We find that a fourfold increase in the likelihood of regulator-initiated reviews of financial reports reduces equity values by 1.3% on average. Reductions...
Persistent link: https://www.econbiz.de/10012902858
underwriter(s) low-balling the price range. Overall, our results suggest an important role for accounting information in …
Persistent link: https://www.econbiz.de/10013018788
sample consisting of Chinese A-share listed IPO firms between 2007 and 2018 from China Stock Market Accounting Research and …
Persistent link: https://www.econbiz.de/10014515882
underwriter(s) low-balling the price range. Overall, our results suggest an important role for accounting information in …
Persistent link: https://www.econbiz.de/10012997637
findings caution investors, auditors, and regulators that classification shifting, a seemingly innocuous accounting maneuver …
Persistent link: https://www.econbiz.de/10014032243
Given important market and regulatory changes over the past two decades, we re-examine the relation between IPO pricing and coverage by sell-side stock analysts. Our design builds on the well-documented finding of the partial adjustment phenomenon, in that the IPO offer price revision following...
Persistent link: https://www.econbiz.de/10014351232