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The economic profitability of pre-IPO earnings management and IPO underperformance

Author

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  • Yan Xiong

    ()

  • Haiyan Zhou
  • Sanjay Varshney

Abstract

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Suggested Citation

  • Yan Xiong & Haiyan Zhou & Sanjay Varshney, 2010. "The economic profitability of pre-IPO earnings management and IPO underperformance," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 34(3), pages 229-256, July.
  • Handle: RePEc:spr:jecfin:v:34:y:2010:i:3:p:229-256 DOI: 10.1007/s12197-008-9056-0
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    References listed on IDEAS

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    1. Tinic, Seha M, 1988. " Anatomy of Initial Public Offerings of Common Stock," Journal of Finance, American Finance Association, vol. 43(4), pages 789-822, September.
    2. Paul Hribar, 2002. "Errors in Estimating Accruals: Implications for Empirical Research," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 105-134, March.
    3. De Bondt, Werner F M & Thaler, Richard, 1985. " Does the Stock Market Overreact?," Journal of Finance, American Finance Association, vol. 40(3), pages 793-805, July.
    4. repec:bla:joares:v:34:y:1996:i::p:83-105 is not listed on IDEAS
    5. Baron, David P, 1982. " A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues," Journal of Finance, American Finance Association, vol. 37(4), pages 955-976, September.
    6. Ritter, Jay R, 1984. "The "Hot Issue" Market of 1980," The Journal of Business, University of Chicago Press, vol. 57(2), pages 215-240, April.
    7. Michael Kirschenheiter, 2002. "Can "Big Bath" and Earnings Smoothing Co-exist as Equilibrium Financial Reporting Strategies?," Journal of Accounting Research, Wiley Blackwell, vol. 40(3), pages 761-796, June.
    8. Ball, Ray & Kothari, S. P., 1989. "Nonstationary expected returns : Implications for tests of market efficiency and serial correlation in returns," Journal of Financial Economics, Elsevier, vol. 25(1), pages 51-74, November.
    9. Alexander, Gordon J, 2000. "On Back-Testing "Zero-Investment" Strategies," The Journal of Business, University of Chicago Press, vol. 73(2), pages 255-277, April.
    10. Ritter, Jay R, 1991. " The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March.
    11. repec:bla:joares:v:29:y:1991:i:2:p:193-228 is not listed on IDEAS
    12. Titman, Sheridan & Trueman, Brett, 1986. "Information quality and the valuation of new issues," Journal of Accounting and Economics, Elsevier, vol. 8(2), pages 159-172, June.
    13. repec:bla:joares:v:33:y:1995:i:2:p:353-367 is not listed on IDEAS
    14. repec:bla:joares:v:37:y:1999:i:1:p:57-81 is not listed on IDEAS
    15. Healy, Paul M., 1985. "The effect of bonus schemes on accounting decisions," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 85-107, April.
    16. Guay, W. & Kothari, S.P. & Watts, R.L., 1996. "A Market-Based Evaluation of Discretionary-Accrual Models," Papers 96-01, Rochester, Business - Financial Research and Policy Studies.
    17. Chan, K C, 1988. "On the Contrarian Investment Strategy," The Journal of Business, University of Chicago Press, vol. 61(2), pages 147-163, April.
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    Citations

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    Cited by:

    1. Cathy Beaudoin & Anna Cianci & George Tsakumis, 2015. "The Impact of CFOs’ Incentives and Earnings Management Ethics on their Financial Reporting Decisions: The Mediating Role of Moral Disengagement," Journal of Business Ethics, Springer, vol. 128(3), pages 505-518, May.
    2. Liu, Jia & Lister, Roger & Pang, Dong, 2013. "Corporate evolution following initial public offerings in China: A life-course approach," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 1-20.

    More about this item

    Keywords

    Market Performance; Zero-Investment Strategy; Initial Public Offering; Earnings Management; Underperformance; G1; G3; M4;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G3 - Financial Economics - - Corporate Finance and Governance
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting

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