https://scholars.lib.ntu.edu.tw/handle/123456789/631111
標題: | Information uncertainty, earnings management, and long-run stock performance following initial public offerings | 作者: | Chen, Sheng Syan Lin, Wen Chun Chang, Shao Chi Lin, Chih Yen |
關鍵字: | Earnings' management | Information uncertainty | Initial public offerings | Long-run stock performance | 公開日期: | 十一月-2013 | 出版社: | WILEY | 卷: | 40 | 期: | 9-10 | 起(迄)頁: | 1126-1154 | 來源出版物: | Journal of Business Finance and Accounting | 摘要: | We examine how information uncertainty surrounding IPO (initial public offering) firms influences earnings management and long-run stock performance. For low-information-uncertainty issuers, at-issue earnings' management is positively related to subsequent unmanaged earnings and has no relationship to market reaction to earnings announcement and long-run stock performance following the offering. For high-information-uncertainty issuers, however, at-issue earnings' management is unrelated to subsequent unmanaged earnings and negatively related to market reaction to earnings announcement and long-run stock performance following the offer. The evidence suggests that, on average, managers in low-information-uncertainty firms tend to engage in earnings' management for informative purposes, while managers in high-information-uncertainty firms engage in earnings' management for opportunistic purposes. © 2013 John Wiley & Sons Ltd. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631111 | ISSN: | 0306686X | DOI: | 10.1111/jbfa.12046 |
顯示於: | 財務金融學系 |
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