메뉴 건너뛰기




Volumn 15, Issue 3, 2002, Pages 869-900

Why New Issues and High-Accrual Firms Underperform: The Role of Analysts' Credulity

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0036287202     PISSN: 08939454     EISSN: None     Source Type: Journal    
DOI: 10.1093/rfs/15.3.869     Document Type: Article
Times cited : (146)

References (43)
  • 1
    • 84977733335 scopus 로고
    • Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior
    • Abarbanell, J., and V. L. Bernard, 1992, "Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior," Journal of Finance, 67, 1181-1207.
    • (1992) Journal of Finance , vol.67 , pp. 1181-1207
    • Abarbanell, J.1    Bernard, V.L.2
  • 2
    • 0031285990 scopus 로고    scopus 로고
    • Fundamental Analysis, Future Earnings, and Stock Prices
    • Abarbanell, J., and B. Bushee, 1997, "Fundamental Analysis, Future Earnings, and Stock Prices," Journal of Accounting Research, 35, 1-24.
    • (1997) Journal of Accounting Research , vol.35 , pp. 1-24
    • Abarbanell, J.1    Bushee, B.2
  • 3
    • 0040456246 scopus 로고    scopus 로고
    • Bias in Analysts' Earnings Forecasts as an Explanation for the Long-Run Underperformance of Stocks Following Equity Offerings
    • University of Arizona
    • Ali, A., 1996, "Bias in Analysts' Earnings Forecasts as an Explanation for the Long-Run Underperformance of Stocks Following Equity Offerings," working paper, University of Arizona.
    • (1996) Working Paper
    • Ali, A.1
  • 4
    • 0031097135 scopus 로고    scopus 로고
    • Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics
    • Barber, B., and J. Lyon, 1997, "Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics," Journal of Financial Economics, 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 5
    • 0009885154 scopus 로고    scopus 로고
    • Improved Methods for Tests of Long-Run Abnormal Stock Returns
    • Barber, B., J. Lyon, and C. Tsai, 1999, "Improved Methods for Tests of Long-Run Abnormal Stock Returns," Journal of Finance, 54, 165-201.
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Barber, B.1    Lyon, J.2    Tsai, C.3
  • 6
    • 0000718399 scopus 로고
    • Evidence On the Relationships Between Earnings and Various Measures of Cash Flow
    • Bowen, R., D. Burgstahler, and L. Daley, 1986, "Evidence On the Relationships Between Earnings and Various Measures of Cash Flow," The Accounting Review, 61, 713-725.
    • (1986) The Accounting Review , vol.61 , pp. 713-725
    • Bowen, R.1    Burgstahler, D.2    Daley, L.3
  • 7
    • 0007193104 scopus 로고    scopus 로고
    • Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies
    • Brav, A., and P. A. Gompers, 1997, "Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies," Journal of Finance, 52, 1791-1821.
    • (1997) Journal of Finance , vol.52 , pp. 1791-1821
    • Brav, A.1    Gompers, P.A.2
  • 8
    • 0034179209 scopus 로고    scopus 로고
    • Is the Abnormal Return Following Equity Issuances Anomalous?
    • Brav, A., C. Geczy, and P. Gompers, 2000, "Is the Abnormal Return Following Equity Issuances Anomalous?" Journal of Financial Economics, 56, 209-249.
    • (2000) Journal of Financial Economics , vol.56 , pp. 209-249
    • Brav, A.1    Geczy, C.2    Gompers, P.3
  • 9
    • 0031169093 scopus 로고    scopus 로고
    • Can ESP Yield Abnormal Returns?
    • Brown, L., 1997, "Can ESP Yield Abnormal Returns?" Journal of Portfolio Management, Summer, 36-43.
    • (1997) Journal of Portfolio Management , vol.SUMMER , pp. 36-43
    • Brown, L.1
  • 11
    • 8744258405 scopus 로고    scopus 로고
    • Investor Psychology and Security Market Under- and Over-reactions
    • Daniel, K., D. Hirshleifer, and A. Subrahmanyam, 1998, "Investor Psychology and Security Market Under- and Over-reactions," Journal of Finance, 53, 1839-1886.
    • (1998) Journal of Finance , vol.53 , pp. 1839-1886
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 12
    • 0036145215 scopus 로고    scopus 로고
    • Investor Psychology in Capital Markets: Evidence and Policy Implications
    • Daniel, K., D. Hirshleifer, and S. H. Teoh, 2002, "Investor Psychology in Capital Markets: Evidence and Policy Implications," Journal of Monetary Economics, 49, 139-209.
    • (2002) Journal of Monetary Economics , vol.49 , pp. 139-209
    • Daniel, K.1    Hirshleifer, D.2    Teoh, S.H.3
  • 13
    • 43949157969 scopus 로고
    • Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals
    • Dechow, P., 1994, "Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals," Journal of Accounting and Economics, 18, 3-42.
    • (1994) Journal of Accounting and Economics , vol.18 , pp. 3-42
    • Dechow, P.1
  • 14
    • 0003188650 scopus 로고    scopus 로고
    • The Relation Between Analysts' Long-Term Earnings Growth Forecasts and Stock Price Performance Following Equity Offerings
    • Dechow, P., A. Hutton, and R. Sloan, 2000, "The Relation Between Analysts' Long-Term Earnings Growth Forecasts and Stock Price Performance Following Equity Offerings," Contemporary Accounting Research, 17, 1-32.
    • (2000) Contemporary Accounting Research , vol.17 , pp. 1-32
    • Dechow, P.1    Hutton, A.2    Sloan, R.3
  • 17
    • 84984198819 scopus 로고
    • The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations
    • Dugar, A., and S. Nathan, 1995, "The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations," Contemporary Accounting Research, 12, 131-160.
    • (1995) Contemporary Accounting Research , vol.12 , pp. 131-160
    • Dugar, A.1    Nathan, S.2
  • 18
    • 0034179271 scopus 로고    scopus 로고
    • Seasoned Public Offerings: Resolution of the 'New Issues Puzzle'
    • Eckbo, B., R. Masulis, and O. Norli, 2000, "Seasoned Public Offerings: Resolution of the 'New Issues Puzzle'," Journal of Financial Economics, 56, 251-291.
    • (2000) Journal of Financial Economics , vol.56 , pp. 251-291
    • Eckbo, B.1    Masulis, R.2    Norli, O.3
  • 19
    • 0003429691 scopus 로고    scopus 로고
    • Leverage, Liquidity, and Long-Run IPO Returns
    • Dartmouth College
    • Eckbo, B., and O. Norli, 2000, "Leverage, Liquidity, and Long-Run IPO Returns," working paper, Dartmouth College.
    • (2000) Working Paper
    • Eckbo, B.1    Norli, O.2
  • 20
    • 0346207692 scopus 로고    scopus 로고
    • Market Efficiency, Long-Term Returns and Behavioral Finance
    • Fama, E., 1998, "Market Efficiency, Long-Term Returns and Behavioral Finance," Journal of Financial Economics, 49, 283-306.
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-306
    • Fama, E.1
  • 21
    • 27844476155 scopus 로고    scopus 로고
    • Is Institutional Investment in Initial Public Offerings Related To Long-Run Performance of These Firms?
    • Penn State University
    • Fields, L., 1999, "Is Institutional Investment in Initial Public Offerings Related To Long-Run Performance of These Firms?" working paper, Penn State University.
    • (1999) Working Paper
    • Fields, L.1
  • 22
    • 0344970238 scopus 로고    scopus 로고
    • Is Honesty the Best Policy? An Examination of Security Analyst Behavior Around Seasoned Equity Offerings
    • Virginia Tech.
    • Hansen, R., and A. Sarin, 1996, "Is Honesty the Best Policy? An Examination of Security Analyst Behavior Around Seasoned Equity Offerings, " working paper, Virginia Tech.
    • (1996) Working Paper
    • Hansen, R.1    Sarin, A.2
  • 23
    • 0001574630 scopus 로고    scopus 로고
    • A Review of the Earnings Management Literature and its Implications for Standard Setting
    • Healy, P., and J. Wahlen, 1999, "A Review of the Earnings Management Literature and its Implications for Standard Setting," Accounting Horizon, 13, 365-384.
    • (1999) Accounting Horizon , vol.13 , pp. 365-384
    • Healy, P.1    Wahlen, J.2
  • 24
    • 0000398111 scopus 로고    scopus 로고
    • Investor Psychology and Asset Pricing
    • Hirshleifer, D., 2001, "Investor Psychology and Asset Pricing, " Journal of Finance, 56, 1533-1598.
    • (2001) Journal of Finance , vol.56 , pp. 1533-1598
    • Hirshleifer, D.1
  • 25
  • 26
    • 0003264432 scopus 로고
    • Understanding Stock Price Behavior Around the Time of Equity Issues
    • R. G. Hubbard (ed.), University of Chicago Press, Chicago
    • Korajczyk, R., D. Lucas, and R. McDonald, 1990, "Understanding Stock Price Behavior Around the Time of Equity Issues," in R. G. Hubbard (ed.), Asymmetric Information, Corporate Finance, and Investments, University of Chicago Press, Chicago.
    • (1990) Asymmetric Information, Corporate Finance, and Investments
    • Korajczyk, R.1    Lucas, D.2    McDonald, R.3
  • 27
    • 0000112757 scopus 로고    scopus 로고
    • The Persistence of IPO Mispricing and the Predictive Power of Flipping
    • Krigman, L., W. Shaw, and K. Womack, 1999, "The Persistence of IPO Mispricing and the Predictive Power of Flipping," Journal of Finance, 54, 1015-1044.
    • (1999) Journal of Finance , vol.54 , pp. 1015-1044
    • Krigman, L.1    Shaw, W.2    Womack, K.3
  • 28
    • 0001250001 scopus 로고    scopus 로고
    • Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations
    • Lin, H., and M. McNichols, 1998, "Underwriting Relationships, Analysts' Earnings Forecasts and Investment Recommendations," Journal of Accounting and Economics, 25, 101-127.
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 101-127
    • Lin, H.1    McNichols, M.2
  • 30
    • 0039054770 scopus 로고    scopus 로고
    • The Operating Performance of Firms Conducting Seasoned Equity Offerings
    • Loughran, T., and J. Ritter, 1997, "The Operating Performance of Firms Conducting Seasoned Equity Offerings," Journal of Finance, 52, 1823-1850.
    • (1997) Journal of Finance , vol.52 , pp. 1823-1850
    • Loughran, T.1    Ritter, J.2
  • 31
    • 0034148029 scopus 로고    scopus 로고
    • Uniformly Least Powerful Tests of Market Efficiency
    • Loughran, T., and J. Ritter, 2000, "Uniformly Least Powerful Tests of Market Efficiency," Journal of Financial Economics, 55, 361-389.
    • (2000) Journal of Financial Economics , vol.55 , pp. 361-389
    • Loughran, T.1    Ritter, J.2
  • 32
    • 0031350665 scopus 로고    scopus 로고
    • Self-Selection and Analyst Coverage
    • McNichols, M., and P. O'Brien, 1997, "Self-Selection and Analyst Coverage," Journal of Accounting Research, 35(suppl), 167-199.
    • (1997) Journal of Accounting Research , vol.35 , Issue.SUPPL. , pp. 167-199
    • McNichols, M.1    O'Brien, P.2
  • 33
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of Interest and the Credibility of Underwriter Analyst Recommendations
    • Michaely, R., and K. Womack, 1999, "Conflict of Interest and the Credibility of Underwriter Analyst Recommendations," Review of Financial Studies, 12, 653-686.
    • (1999) Review of Financial Studies , vol.12 , pp. 653-686
    • Michaely, R.1    Womack, K.2
  • 34
    • 0002860329 scopus 로고    scopus 로고
    • Analyst Following of Initial Public Offerings
    • Rajan, R., and H. Servaes, 1997, "Analyst Following of Initial Public Offerings" Journal of Finance, 52, 507-530.
    • (1997) Journal of Finance , vol.52 , pp. 507-530
    • Rajan, R.1    Servaes, H.2
  • 35
    • 0000545798 scopus 로고    scopus 로고
    • Earnings Management and the Performance of Seasoned Equity Offerings
    • Rangan, S., 1998, "Earnings Management and the Performance of Seasoned Equity Offerings," Journal of Financial Economics, 50, 101-122.
    • (1998) Journal of Financial Economics , vol.50 , pp. 101-122
    • Rangan, S.1
  • 36
    • 84977717063 scopus 로고
    • The Long-Run Performance of Initial Public Offerings
    • Ritter, J., 1991, "The Long-Run Performance of Initial Public Offerings," Journal of Finance, 46, 3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.1
  • 37
    • 0008697531 scopus 로고    scopus 로고
    • Do Firms Mislead Investors by Overstating Before Seasoned Equity Offerings?
    • Shivakumar, L., 2000, "Do Firms Mislead Investors by Overstating Before Seasoned Equity Offerings?" Journal of Accounting and Economics, 29, 339-371.
    • (2000) Journal of Accounting and Economics , vol.29 , pp. 339-371
    • Shivakumar, L.1
  • 39
    • 0030305172 scopus 로고    scopus 로고
    • Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?
    • Sloan, R., 1996, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?" Accounting Review, 71, 289-315.
    • (1996) Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.1
  • 40
    • 58149364936 scopus 로고
    • Underperformance in Long-Run Stock Returns Following Seasoned Equity Offerings
    • Spiess, K., and J. Affleck-Graves, 1995, "Underperformance in Long-Run Stock Returns Following Seasoned Equity Offerings," Journal of Financial Economics, 38, 243-267.
    • (1995) Journal of Financial Economics , vol.38 , pp. 243-267
    • Spiess, K.1    Affleck-Graves, J.2
  • 41
    • 54649085068 scopus 로고    scopus 로고
    • Are Accruals During Initial Public Offerings Opportunistic?
    • Teoh, S. H., T. J. Wong, and G. Rao, 1998, "Are Accruals During Initial Public Offerings Opportunistic?" Review of Accounting Studies, 3, 175-208.
    • (1998) Review of Accounting Studies , vol.3 , pp. 175-208
    • Teoh, S.H.1    Wong, T.J.2    Rao, G.3
  • 42
    • 0000370948 scopus 로고    scopus 로고
    • Earnings Management and the Long-Term Market Performance of Initial Public Offerings
    • Teoh, S. H., I. Welch, and T. J. Wong, 1998a, "Earnings Management and the Long-Term Market Performance of Initial Public Offerings," Journal of Finance, 53, 1935-1974.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 43
    • 0000545801 scopus 로고    scopus 로고
    • Earnings Management and the Underperformance of Seasoned Equity Offerings
    • Teoh, S. H., I. Welch, and T. J. Wong, 1998b, "Earnings Management and the Underperformance of Seasoned Equity Offerings," Journal of Financial Economics, 50, 63-99.
    • (1998) Journal of Financial Economics , vol.50 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.