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Management Earnings Forecasts and the Quality of Analysts’ Forecasts : The Moderating Effect of Audit Committees

Liu, Carol - 2013

This study investigates whether effective audit committees influence the association between management earnings forecasts and the properties of analysts‟ forecasts. We posit that this influence on the part of an audit committee would likely result from increased responsibility for monitoring...

Persistent link: https://www.econbiz.de/10013074118

Does Analyst Participation in Earnings Conference Calls Curb Real Activities Earnings Management?

Ji, Yuan; Rozenbaum, Oded - 2022

We examine whether analysts’ engagement in earnings conference calls curbs real activities earnings management. We find that analysts are more likely to ask questions on discretionary expenses at conference calls of firms that are suspects of lowering discretionary expenses to meet or narrowly...

Persistent link: https://www.econbiz.de/10013306191

Under Watchful Eyes : Analyst Site Visits and Firm Earnings Management

Gao, Zhan; Quan, Xiaofeng; Xu, Xingmei - 2021

This paper investigates whether analyst site visits, where sell-side analysts visit corporate sites and interact with management, reduces earnings management by host firms. Taking advantage of the disclosure of analyst site visits by Chinese listed firms, we find that the intensity of analyst...

Persistent link: https://www.econbiz.de/10013235050

Private Equity Fund Valuation Management During Fundraising

Baik, Brian K. - 2022

funds managed by low reputation GPs show more dramatic forms of NAV inflation by managing upward not only valuation … multiples but also portfolio firm earnings. The results are robust to a number of alternative explanations. Low reputation GPs … inflated fund valuations during fundraising periods and provide evidence supporting the argument that low reputation GPs are …

Persistent link: https://www.econbiz.de/10013492053

The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting

Armstrong, Chris - 2011

We review recent literature on the role of financial reporting transparency in reducing governance-related agency conflicts among managers, directors, and shareholders, as well as in reducing agency conflicts between shareholders and creditors, and offer researchers some suggested avenues for...

Persistent link: https://www.econbiz.de/10013133816

Private equity's unintended dark side : on the economic consequences of excessive delistings

Ljungqvist, Alexander; Persson, Lars; Tåg, Joacim - 2016

Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...

Persistent link: https://www.econbiz.de/10011436675

Stairway to heaven or gateway to hell? : a competing risk analysis of delistings from Hong Kong's Growth Enterprise Market

Cressy, Robert C.; Farag, Hisham - 2013 - This version: December 2013

A competing risk hazard model is employed to examine the reasons for Hong Kong's Growth Enterprise (GEM) companies transferring to the Main Board (MB) in the period 2000-2012. In our sample during the period 21 companies or 15% of the original stock moved up to the MB. The modal life expectancy...

Persistent link: https://www.econbiz.de/10012011689

Technological disruptiveness and the evolution of IPOs and sell-outs

Bowen, Donald; Frésard, Laurent; Hoberg, Gerard - 2019

We examine the determinants of startups' exits using novel technology measures based on patent text. We propose that innovation in rapidly evolving technology areas substitute existing technologies, creating a path to an independent market presence. Startups innovating in rapidly evolving areas...

Persistent link: https://www.econbiz.de/10012003265

Synergizing ventures

Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; … - 2019

Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of reaching the right tails of the firm size and...

Persistent link: https://www.econbiz.de/10012063841

Information revelation through regulatory process : interactions between the SEC and companies ahead of the IPO

Lowry, Michelle; Michaely, Roni; Volkova, Ekaterina - 2019

The regulator plays an active role in the IPO process via its pre-IPO communications with firms, writing 3.8 comment letters per company. To evaluate the regulator's input, we analyze these communications between the SEC and firms using LDA-analysis and KL-divergence. Main topics of SEC concerns...

Persistent link: https://www.econbiz.de/10012101170