In this article we examine whether insider share selling in an initial public offering (IPO) influences R&D expenditures. Insiders (managers and venture capitalists) who sell their pre-offering shareholdings might try to increase the IPO offer price (1) by overinvesting in R&D to signal the...

"We examine how initial public offering (IPO) valuation has changed over time by focusing on three time periods: 1986-1990, January 1997 to March 2000 (designated as the boom period), and April 2000 to December 2001 (designated as the crash period). Using a sample of 1,655 IPOs, we find that...

We study motives for and impacts of management discretion in inventory valuation. The semiconductor industry, with continual output price declines and rapid product obsolescence, provides an ideal setting to examine managers' inventory write-down and production decisions. In this context, we...

We study motives for and impacts of management discretion in inventory valuation. The semiconductor industry, with continual output price declines and rapid product obsolescence, provides an ideal setting to examine managers' inventory write-down and production decisions. In this context, we...

We study the valuation of 6,199 IPOs during 1998-2015 for the following countries: Australia, Canada, China, Germany, India, Japan, U.K., and U.S. Net income is positively related to IPO valuation in each of the eight countries. The economic impact of net income is largest for Chinese IPOs and...