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2018/7月 3

会计系2018双周论坛第七讲

会计系2018双周论坛第七讲
开始时间:2018-07-03 10:00
活动地点:明商1008室
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状态: 已结束

主   题:Do IPO Firms Classification Shift? Implications for Price Formation and Post-IPO Stock Performance(IPO公司是否分类转移费用?上市价格形成和上市后股市表现

主讲人:刘笑涛

协调人:张博

语   言:中英文

讲座摘要:

Extant earnings management studies in the initial public offering (IPO) context typically focus on accruals management and bottom-line earnings. Departing from this typical focus, this study investigates whether 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. In addition, IPO firms’ accruals management is negatively associated with classification shifting. More importantly, we find that pre-IPO classification shifting influences IPO price formation. That is, pre-IPO classification shifting is positively associated with the price revision from the mid-point of initial price range to the final offer price, but it is not associated with the initial IPO return. Furthermore, we find that pre-IPO classification shifting is followed by negative 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 inflict financial loss.

主讲人简介:

东北大学副教授。现已在Journal of Accounting & Economics, Journal of Accounting Research, Contemporary Accounting Research, 和Review of Accounting Studies等顶尖会计杂志发表论文。