메뉴 건너뛰기




Volumn 30, Issue 1-2, 2003, Pages 125-168

Voluntary disclosure of management earnings forecasts in IPO prospectuses

Author keywords

[No Author keywords available]

Indexed keywords


EID: 23944526099     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.00486     Document Type: Conference Paper
Times cited : (107)

References (61)
  • 1
    • 85005305538 scopus 로고
    • The market for 'lemons': Quality uncertainty and the market mechanism
    • Akerlof, G. (1970), 'The Market for 'Lemons': Quality Uncertainty and the Market Mechanism', Quarterly Jomrnal of Economics, Vol. 84, pp. 488-500.
    • (1970) Quarterly Jomrnal of Economics , vol.84 , pp. 488-500
    • Akerlof, G.1
  • 2
    • 84990394373 scopus 로고    scopus 로고
    • A simultaneous equations analysis of forecast accuracy, analyst following, and trading volume
    • Alford, A. and P. Berger (1999), 'A Simultaneous Equations Analysis of Forecast Accuracy, Analyst Following, and Trading Volume', Journal of Accounting Auditing & Finance, Vol. 14, pp. 219-40.
    • (1999) Journal of Accounting Auditing & Finance , vol.14 , pp. 219-240
    • Alford, A.1    Berger, P.2
  • 3
    • 0003373103 scopus 로고
    • Analysts' use of information about permanent and transitory earnings components in forecasting annual EPS
    • Ali, A., A. Klein and J. Rosenfeld (1992), 'Analysts' Use of Information about Permanent and Transitory Earnings Components in Forecasting Annual EPS', The Accounting Review, Vol. 67, pp. 183-98.
    • (1992) The Accounting Review , vol.67 , pp. 183-198
    • Ali, A.1    Klein, A.2    Rosenfeld, J.3
  • 4
  • 5
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty, R. and J. Ritter (1986), 'Investment Banking, Reputation, and the Underpricing of Initial Public Offerings', Journal of Financial Economics, Vol. 15, pp. 213-32.
    • (1986) Journal of Financial Economics , vol.15 , pp. 213-232
    • Beatty, R.1    Ritter, J.2
  • 6
    • 0041106840 scopus 로고    scopus 로고
    • The private litigation reform act of 1995
    • Boyle, E. and F. Knopf (1996), 'The Private Litigation Reform Act of 1995', CPA Journal, Vol. 66, pp. 44-47.
    • (1996) CPA Journal , vol.66 , pp. 44-47
    • Boyle, E.1    Knopf, F.2
  • 7
    • 0010555980 scopus 로고    scopus 로고
    • The accuracy of management dividend forecasts in Australia
    • Brown, P., A. Clarke, J. How and K. Lim (2000), 'The Accuracy of Management Dividend Forecasts in Australia', Pacific-Basin Finance Journal, Vol. 8, pp. 309-31.
    • (2000) Pacific-basin Finance Journal , vol.8 , pp. 309-331
    • Brown, P.1    Clarke, A.2    How, J.3    Lim, K.4
  • 9
    • 77951891665 scopus 로고
    • Examination of a financial forecast or projection included in a prospectus or other public offering document
    • (September)
    • - (1989), Examination of A Financial Forecast or Projection Included in a Prospectus or Other Public Offering Document, CICA Handbook -Auditing and Related Services Guideline (September).
    • (1989) CICA Handbook -Auditing and Related Services Guideline
  • 10
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • Carter, R. and S. Manaster (1990), 'Initial Public Offerings and Underwriter Reputation', Journal of Finance, Vol. 45, pp. 1045-67.
    • (1990) Journal of Finance , vol.45 , pp. 1045-1067
    • Carter, R.1    Manaster, S.2
  • 11
    • 0344033472 scopus 로고    scopus 로고
    • Underwriter spread, underwriter reputation, and IPO underpricing: A simultaneous equation analysis
    • Chen, C. and N. Mohan (2002), 'Underwriter Spread, Underwriter Reputation, and IPO Underpricing: A Simultaneous Equation Analysis', Journal of Business Finance & Accounting, Vol. 29, pp. 521-40.
    • (2002) Journal of Business Finance & Accounting , vol.29 , pp. 521-540
    • Chen, C.1    Mohan, N.2
  • 12
    • 27744473201 scopus 로고    scopus 로고
    • An empirical analysis of the bias and rationality of profit forecasts published in new issue prospectuses
    • Cheng, T. and M. Firth (2000), 'An Empirical Analysis of the Bias and Rationality of Profit Forecasts Published in New Issue Prospectuses', Journal of Business Finance & Accounting, Vol. 27, pp. 423-46.
    • (2000) Journal of Business Finance & Accounting , vol.27 , pp. 423-446
    • Cheng, T.1    Firth, M.2
  • 13
    • 0001320124 scopus 로고
    • Ex ante uncertainty and the under-pricing of IPOs: Further empirical evidence
    • Clarkson, P. and J. Merkley (1994), 'Ex Ante Uncertainty and the Under-pricing of IPOs: Further Empirical Evidence', Canadian Journal of Administrative Sciences, Vol. 11, pp. 54-67.
    • (1994) Canadian Journal of Administrative Sciences , vol.11 , pp. 54-67
    • Clarkson, P.1    Merkley, J.2
  • 14
    • 84984179362 scopus 로고
    • The voluntary inclusion of earnings forecasts in IPO prospectuses
    • A. Dontoh, G. Richardson and S. Sefcik (1992), 'The Voluntary Inclusion of Earnings Forecasts in IPO Prospectuses', Contemporary Accounting Research, Vol. 8, pp. 601-26.
    • (1992) Contemporary Accounting Research , vol.8 , pp. 601-626
    • Dontoh, A.1    Richardson, G.2    Sefcik, S.3
  • 15
    • 0032220238 scopus 로고    scopus 로고
    • Earnings predictability and bias in analysts' earnings forecasts
    • Das, S., C. Levine, J. Schatzberg and G. Sevcik (1998), 'Earnings Predictability and Bias in Analysts' Earnings Forecasts', The Accounting Review, Vol. 73, pp. 277-94.
    • (1998) The Accounting Review , vol.73 , pp. 277-294
    • Das, S.1    Levine, C.2    Schatzberg, J.3    Sevcik, G.4
  • 16
    • 84977339411 scopus 로고
    • Signalling and the valuation of unseasoned new issues
    • Downes, D. and R. Heinkel (1982), 'Signalling and the Valuation of Unseasoned New Issues', Journal of Finance, Vol. 37, pp. 1-10.
    • (1982) Journal of Finance , vol.37 , pp. 1-10
    • Downes, D.1    Heinkel, R.2
  • 18
    • 0347537605 scopus 로고    scopus 로고
    • Auditor quality, signalling, and the valuation of initial public offerings
    • Firth, M. and C. Liau-Tan (1998), 'Auditor Quality, Signalling, and the Valuation of Initial Public Offerings', Journal of Business Finance & Accounting, Vol. 25, pp. 145-65.
    • (1998) Journal of Business Finance & Accounting , vol.25 , pp. 145-165
    • Firth, M.1    Liau-Tan, C.2
  • 19
    • 0010079762 scopus 로고    scopus 로고
    • Class rules
    • 43
    • Grossman, B. (1996), 'Class Rules', CA Magazine 129 (March), pp. 31-33, 43.
    • (1996) CA Magazine , vol.129 , Issue.MARCH , pp. 31-33
    • Grossman, B.1
  • 20
    • 0000250716 scopus 로고
    • Specification tests in econometrics
    • Hausman, J. (1978), 'Specification Tests in Econometrics', Econometrica, Vol. 23, pp. 1251-71.
    • (1978) Econometrica , vol.23 , pp. 1251-1271
    • Hausman, J.1
  • 21
    • 46149132478 scopus 로고
    • Signalling by direct disclosure under asymmetric information
    • Hughes, P. (1986), 'Signalling by Direct Disclosure under Asymmetric Information', Journal of Accounting and Economics, Vol. 8, pp. 119-42.
    • (1986) Journal of Accounting and Economics , vol.8 , pp. 119-142
    • Hughes, P.1
  • 22
    • 84993850751 scopus 로고
    • The post-issue operating performance of IPO firms
    • Jain, B.A. and O. Kini (1994), 'The Post-Issue Operating Performance of IPO Firms', Journal of Finance, Vol. 49, pp. 1699-726.
    • (1994) Journal of Finance , vol.49 , pp. 1699-1726
    • Jain, B.A.1    Kini, O.2
  • 23
    • 0010363587 scopus 로고    scopus 로고
    • The life cycle of initial public offering firms
    • - (1999), 'The Life Cycle of Initial Public Offering Firms', Journal of Business Finance & Accounting, Vol. 26, pp. 1281-307.
    • (1999) Journal of Business Finance & Accounting , vol.26 , pp. 1281-1307
  • 24
    • 32244438708 scopus 로고    scopus 로고
    • Hungarian privatisation strategy and financial performance of privatised companies
    • Jelic, R. and R. Briston (1999), 'Hungarian Privatisation Strategy and Financial Performance of Privatised Companies', Journal of Business Finance & Accounting, Vol. 26, pp. 1319-57.
    • (1999) Journal of Business Finance & Accounting , vol.26 , pp. 1319-1357
    • Jelic, R.1    Briston, R.2
  • 25
    • 0043017572 scopus 로고    scopus 로고
    • The accuracy of earnings forecasts in IPO propectuses on the Kuala Lumpur stock exchange
    • B. Saadouni and R. Briston (1998), 'The Accuracy of Earnings Forecasts in IPO Propectuses on the Kuala Lumpur Stock Exchange', Accounting and Business Research, Vol. 29, pp. 57-72.
    • (1998) Accounting and Business Research , vol.29 , pp. 57-72
    • Saadouni, B.1    Briston, R.2
  • 26
    • 0345562990 scopus 로고    scopus 로고
    • The climate for Canadian initial public offerings
    • P. Halpern (ed.), (University of Calgary Press)
    • Jog, V. (1997), 'The Climate for Canadian Initial Public Offerings', in P. Halpern (ed.), Financing Growth In Canada (University of Calgary Press), pp. 357-401.
    • (1997) Financing Growth in Canada , pp. 357-401
    • Jog, V.1
  • 27
    • 0013357415 scopus 로고    scopus 로고
    • The mixed results of canadian IPOs
    • and A. Srivastava (1997/98), 'The Mixed Results of Canadian IPOs', Canadian Investment Review, Vol. 10 (Winter), pp. 23-27.
    • (1997) Canadian Investment Review , vol.10 , Issue.WINTER , pp. 23-27
    • Srivastava, A.1
  • 28
    • 0001115789 scopus 로고
    • Disclosure when the market is unsure of information endowment of managers
    • Jung, W. and Y. Kwon (1988), 'Disclosure when the Market is Unsure of Information Endowment of Managers', Journal of Accounting Research, Vol. 26, pp. 146-53.
    • (1988) Journal of Accounting Research , vol.26 , pp. 146-153
    • Jung, W.1    Kwon, Y.2
  • 29
    • 84896353750 scopus 로고
    • Motives for going public and under-pricing: New findings from Korea
    • Kim, J., I. Krinsky and J. Lee (1993), 'Motives for Going Public and Under-pricing: New Findings from Korea', Journal of Business Finance & Accounting, Vol. 20, pp. 195-211.
    • (1993) Journal of Business Finance & Accounting , vol.20 , pp. 195-211
    • Kim, J.1    Krinsky, I.2    Lee, J.3
  • 30
    • 0001882337 scopus 로고
    • A direct test of rock's model of the pricing of unseasoned issues
    • Koh, F. and T. Walter (1989), 'A Direct Test of Rock's Model of the Pricing of Unseasoned Issues', Journal of Financial Economics, Vol. 23, pp. 251-72.
    • (1989) Journal of Financial Economics , vol.23 , pp. 251-272
    • Koh, F.1    Walter, T.2
  • 31
    • 0012521479 scopus 로고    scopus 로고
    • Do firms knowingly sell overvalued equity?
    • Lee, I. (1997), 'Do Firms Knowingly Sell Overvalued Equity?', Journal of Finance, Vol. 52, pp. 1439-66.
    • (1997) Journal of Finance , vol.52 , pp. 1439-1466
    • Lee, I.1
  • 32
    • 0000140435 scopus 로고
    • Information asymmetries, financial structure, and financial intermediation
    • Leland, H. and D. Pyle. (1977), 'Information Asymmetries, Financial Structure, and Financial Intermediation', Journal of Finance, Vol. 32, pp. 371-87.
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.1    Pyle, D.2
  • 33
  • 34
    • 0036108222 scopus 로고    scopus 로고
    • Why don't issuers get upset about leaving money on the table in IPOs?
    • - (2002), 'Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?', Review of Financial Studies, Vol. 15, pp. 413-43.
    • (2002) Review of Financial Studies , vol.15 , pp. 413-443
  • 35
    • 0037751658 scopus 로고
    • Initial public offerings: International insights
    • and K. Rydqvist (1994), 'Initial Public Offerings: International Insights', Pacific-Basin Finance Journal, Vol. 2, pp. 165-99.
    • (1994) Pacific-basin Finance Journal , vol.2 , pp. 165-199
    • Rydqvist, K.1
  • 36
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock performance
    • Lyon, J., B. Barber and C. Tsai (1999), 'Improved Methods for Tests of Long-Run Abnormal Stock Performance', Journal of Finance, Vol. 54, pp. 165-201.
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Lyon, J.1    Barber, B.2    Tsai, C.3
  • 37
    • 33646690407 scopus 로고
    • The voluntary review of earnings forecasts disclosed in IPO prospectuses
    • Mak, Y. (1994), 'The Voluntary Review of Earnings Forecasts Disclosed in IPO Prospectuses', Journal of Accounting and Public Policy, Vol. 13, pp. 141-58.
    • (1994) Journal of Accounting and Public Policy , vol.13 , pp. 141-158
    • Mak, Y.1
  • 38
    • 27844528453 scopus 로고    scopus 로고
    • Discussion of post-IPO directors' sales and reissuing activity: An empirical test of IPO signalling models
    • Marshall, A. (1998), 'Discussion of Post-IPO Directors' Sales and Reissuing Activity: An Empirical Test of IPO Signalling Models', Journal of Business Finance & Accounting, Vol. 25. pp. 1081-88.
    • (1998) Journal of Business Finance & Accounting , vol.25 , pp. 1081-1088
    • Marshall, A.1
  • 39
    • 0010180618 scopus 로고    scopus 로고
    • Bias and accuracy of management earnings forecasts: An evaluation of the impact of auditing
    • McConomy, B. (1998), 'Bias and Accuracy of Management Earnings Forecasts: An Evaluation of the Impact of Auditing', Contemporary Accounting Research, Vol. 15, pp. 167-95.
    • (1998) Contemporary Accounting Research , vol.15 , pp. 167-195
    • McConomy, B.1
  • 40
    • 0040162533 scopus 로고
    • The pricing of IPOs: Tests of adverse selection and signalling theories
    • Michaely, R. and W. Shaw (1994), 'The Pricing of IPOs: Tests of Adverse Selection and Signalling Theories', Review of Financial Studies, Vol. 7, pp. 279-317.
    • (1994) Review of Financial Studies , vol.7 , pp. 279-317
    • Michaely, R.1    Shaw, W.2
  • 41
    • 39149126416 scopus 로고
    • Analysts' forecasts as earnings expectations
    • O'Brien, P. (1988), 'Analysts' Forecasts as Earnings Expectations', Journal of Accounting and Economics, Vol. 10, pp. 53-83.
    • (1988) Journal of Accounting and Economics , vol.10 , pp. 53-83
    • O'Brien, P.1
  • 42
    • 77951910052 scopus 로고
    • Ontario Securities Commission (OSC), (OSC, Toronto, Canada)
    • Ontario Securities Commission (OSC) (1982), Interim Policy 3-69 (OSC, Toronto, Canada).
    • (1982) Interim Policy 3-69
  • 46
    • 0037751656 scopus 로고    scopus 로고
    • The timing and subsequent performance of Initial Public Offerings (IPOs) on the Johannesburg stock exchange
    • Page, M. and I. Reyneke (1997), 'The Timing and Subsequent Performance of Initial Public Offerings (IPOs) on the Johannesburg Stock Exchange', Journal of Business Finance & Accounting, Vol. 24, pp. 1401-20.
    • (1997) Journal of Business Finance & Accounting , vol.24 , pp. 1401-1420
    • Page, M.1    Reyneke, I.2
  • 47
    • 0002270672 scopus 로고
    • What liability crisis?
    • Paskell-Mede, M. (1994), 'What Liability Crisis?', CA Magazine 127 (May), pp. 42-43.
    • (1994) CA Magazine , vol.127 , Issue.MAY , pp. 42-43
    • Paskell-Mede, M.1
  • 48
    • 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, Vol. 52, pp. 507-29.
    • (1997) Journal of Finance , vol.52 , pp. 507-529
    • Rajan, R.1    Servaes, H.2
  • 50
    • 84977717063 scopus 로고
    • Long term performance of initial public offerings
    • Ritter, J. (1991), 'Long Term Performance of Initial Public Offerings', Journal of Finance, Vol. 46, pp. 3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.1
  • 51
    • 0003076359 scopus 로고    scopus 로고
    • Initial public offerings
    • - (1998), 'Initial Public Offerings', Contemporary Finance Digest, Vol. 2, pp. 5-32.
    • (1998) Contemporary Finance Digest , vol.2 , pp. 5-32
  • 52
    • 0000423667 scopus 로고
    • Why new issues are underpriced?
    • Rock, K. (1986), 'Why New Issues Are Underpriced?', Journal of Financial Economics, Vol. 15, pp. 187-212.
    • (1986) Journal of Financial Economics , vol.15 , pp. 187-212
    • Rock, K.1
  • 54
    • 0031184835 scopus 로고    scopus 로고
    • The IPO and first seasoned equity sale: Issue proceeds, owner/managers' wealth, and the underpricing signal
    • Spiess, D. and R. Pettway (1997), 'The IPO and First Seasoned Equity Sale: Issue Proceeds, Owner/Managers' Wealth, and the Underpricing Signal', Journal of Banking and Finance, Vol. 21, pp. 967-88.
    • (1997) Journal of Banking and Finance , vol.21 , pp. 967-988
    • Spiess, D.1    Pettway, R.2
  • 55
    • 84960562707 scopus 로고
    • Efficient capital markets, inefficient firms: A model of myopic corporate behaviour
    • Stein, J. (1989), 'Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behaviour', Quarterly Journal of Economics, Vol. 104, pp. 655-69.
    • (1989) Quarterly Journal of Economics , vol.104 , pp. 655-669
    • Stein, J.1
  • 56
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run market performance of initial public offerings
    • Teoh, H., I. Welch and T. Wong (1998), 'Earnings Management and the Long-Run Market Performance of Initial Public Offerings', Journal of Finance, Vol. 53, pp. 1935-74.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, H.1    Welch, I.2    Wong, T.3
  • 57
    • 46149127849 scopus 로고
    • Information quality and the valuation of new issues
    • Titman, S. and B. Trueman (1986), 'Information Quality and the Valuation of New Issues', Journal of Accounting and Economics, Vol. 8, pp. 159-72.
    • (1986) Journal of Accounting and Economics , vol.8 , pp. 159-172
    • Titman, S.1    Trueman, B.2
  • 58
    • 0002802962 scopus 로고
    • Why do managers voluntarily release earnings forecasts?
    • Trueman, B. (1986), 'Why Do Managers Voluntarily Release Earnings Forecasts?', Journal of Accounting and Economics, pp. 53-72.
    • (1986) Journal of Accounting and Economics , pp. 53-72
    • Trueman, B.1
  • 61
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, H. (1980), 'A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity', Econometrica, Vol. 48, pp. 817-38.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.