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）
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.
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。