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Medientyp:
E-Artikel
Titel:
Underwriter Reputation, Issuer Ownership, and Pre‐IPO Earnings Management: Evidence from China
Beteiligte:
Chen, Chao;
Shi, Haina;
Xu, Haoping
Erschienen:
Wiley, 2013
Erschienen in:Financial Management
Sprache:
Englisch
DOI:
10.1111/fima.12006
ISSN:
0046-3892;
1755-053X
Entstehung:
Anmerkungen:
Beschreibung:
<jats:p>This paper investigates the correlation between pre‐initial public offering (pre‐IPO) earnings management and underwriter reputation for issuers with different ownership structures in China. We document a significantly inverse relationship between underwriter reputation and pre‐IPO earnings management for non‐state‐owned enterprises (NSOE) issuers only, while no significant association is found for state‐owned enterprises (SOE) issuers. We also find that for the NSOE new issue market, underwriter reputation is positively correlated with issuer post‐IPO performance indicating that prestigious underwriters can incrementally improve issuer post‐IPO performance.</jats:p>