The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Earnings Management and the Long‐Run Market Performance of Initial Public Offerings
Open accessAbstract
Issuers of initial public offerings (IPOs) can report earnings in excess of cash flows by taking positive accruals. This paper provides evidence that issuers with unusually high accruals in the IPO year experience poor stock return performance in the three years thereafter. IPO issuers in the most “aggressive” quartile of earnings managers have a three‐year aftermarket stock return of approximately 20 percent less than IPO issuers in the most “conservative” quartile. They also issue about 20 percent fewer seasoned equity offerings. These differences are statistically and economically significant in a variety of specifications.
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Citations
Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Improved Methods for Tests of Long‐Run Abnormal Stock Returns
Lyon, J. D., Barber, B. M., & Tsai, C. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00101 · Cited by 1,828
Cited by
Earnings management and corporate governance: the role of the board and the audit committee
Xie, B., Davidson, W. N., & DaDalt, P. J. (2003) · Journal of Corporate Finance · doi:10.1016/s0929-1199(02)00006-8 · Cited by 2,777
Opaque financial reports, R2, and crash risk☆
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.10.003 · Cited by 2,768
BRAV, A., & GOMPERS, P. A. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02742.x · Cited by 1,464
Determinants of market reactions to restatement announcements
Palmrose, Z.-V., Richardson, V. J., & Scholz, S. (2004) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2003.06.003 · Cited by 1,259
Institutional monitoring and opportunistic earnings management
Chung, R., Firth, M., & Kim, J.-B. (2002) · Journal of Corporate Finance · doi:10.1016/s0929-1199(01)00039-6 · Cited by 940
Metadata
- Authors
- Teoh, S. H., Welch, I., & Wong, T. J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1998-12
- Volume
- 53
- Issue
- 6
- Pages
- 1935-1974
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2109828486
- Cited by
- 2,296
- References
- 2
- FWCI
- 138.09
- Type
- journal article
- Language
- en
- Open access
- green
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- Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings Management and the Long‐Run Market Performance of Initial Public Offerings. The Journal of Finance. https://doi.org/10.1111/0022-1082.00079
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
