Matches in SemOpenAlex for { <https://semopenalex.org/work/W1491918016> ?p ?o ?g. }
- W1491918016 abstract "The current literature presents conflicting evidence as to whether IPO firms manage earnings. Two major shortcomings of prior studies are their assumptions that: 1) investors primarily care about bottom-line earnings; and 2) all firms, regardless of their operating models, only manage earnings. We relax those assumptions by examining the application of discretion over various accounting items across different industry sectors. We find cross-sectional variation in the application of discretion over sales, R&D (R&D overinvestment), and other earnings items, with discretion being significantly associated with the relative importance of the items for IPO valuation. We further show that sales growth possesses the greatest value relevance, and the majority of IPO firms correspondingly manage sales. Lastly, we show that managed sales, and to a lesser degree managed other earnings items, are negatively associated with future stock returns. Overall, we provide robust evidence of use of discretion by IPO firms over various accounting items, depending on the firm’s operating model." @default.
- W1491918016 created "2016-06-24" @default.
- W1491918016 creator A5012658762 @default.
- W1491918016 creator A5054286897 @default.
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- W1491918016 date "2011-01-01" @default.
- W1491918016 modified "2023-09-26" @default.
- W1491918016 title "IPO Valuation and Accounting Choices" @default.
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- W1491918016 doi "https://doi.org/10.2139/ssrn.1798205" @default.
- W1491918016 hasPublicationYear "2011" @default.
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