標題: Managing News Coverage around Initial Public Offerings
作者: Ho, Chia-Cheng
Huang, Chi-Ling
Lin, Chien-Ting
Lin, George Y. C.
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
公開日期: 1-三月-2010
摘要: We examine opportunistic behavior of initial public offering (IPO) firms in Taiwan where they are required to disclose their own earnings forecasts and are unrestricted in releasing news around the offerings. We find that prior to the offerings, IPO firms tend to report higher earnings, disclose inflated earnings forecasts, and manage more good news. News management, however, emerges as the most predominant factor in aftermarket stock prices. In particular, IPO firms have a strong preference for releasing good news related to strategy/policy that may simply provide a vision of a firm's future. Furthermore, the news releases are often forward-looking when they are positive about the firms but tend to be realized when they are negative. IPO firms also tend to engage in more window dressing activities before a larger sale of IPO shares from existing shareholders or a larger decline in insiders' holdings. Our analysis shows that managerial optimism cannot fully account for their behavior.
URI: http://dx.doi.org/10.1111/j.1755-053X.2010.01070.x
http://hdl.handle.net/11536/14118
ISSN: 0046-3892
DOI: 10.1111/j.1755-053X.2010.01070.x
期刊: FINANCIAL MANAGEMENT
Volume: 39
Issue: 1
起始頁: 187
結束頁: 225
顯示於類別:期刊論文


文件中的檔案:

  1. 000276226000008.pdf