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- W3034604787 abstract "This study investigates whether initial public offering (IPO) firms inflate “core” earnings through classification shifting (i.e., misclassifying core expenses as income-decreasing special items) immediately prior to IPOs. We provide initial evidence that IPO firms engage in classification shifting in the pre-IPO period. Using hand-collected price and share information from IPO prospectuses, we find that pre-IPO classification shifting is positively associated with a price revision from the midpoint of the initial price range to the final offer price, suggesting that pre-IPO classification shifting influences IPO price formation. Furthermore, we find that pre-IPO classification shifting is negatively associated with post-IPO stock returns. Overall, our findings caution investors, auditors, and regulators that classification shifting, a seemingly innocuous accounting maneuver, can mislead investors in their IPO valuation and is associated with post-IPO underperformance. This paper was accepted by Brian Bushee, accounting." @default.
- W3034604787 created "2020-06-19" @default.
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- W3034604787 date "2021-07-01" @default.
- W3034604787 modified "2023-10-13" @default.
- W3034604787 title "Do IPO Firms Misclassify Expenses? Implications for IPO Price Formation and Post-IPO Stock Performance" @default.
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- W3034604787 doi "https://doi.org/10.1287/mnsc.2020.3684" @default.
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