媒体报道、实际盈余管理和长期市场表现:来自中国IPO的证据

IF 2.5 Q2 ECONOMICS
Danning Yu
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引用次数: 1

摘要

本研究探讨首次公开发行(IPO)年度的实际盈余管理(REM)如何影响IPO后的长期市场表现。实证结果表明,REM对股票收益的影响随REM形式的不同而不同,异常的生产成本与长期收益呈正相关,而可自由支配费用的异常削减与长期收益呈负相关。这些结果表明,投资者没有充分意识到快速眼动的影响,并根据不同的快速眼动活动最初低估或高估了公司。此外,本研究通过考察媒体报道对IPO公司REM实践后果的影响,考察了媒体在资本市场中的长期作用。结果表明,上市公司在媒体上的曝光度越高,REM与股票收益之间的关联越弱。其他分析表明,散户投资者最初更有可能对快速眼动活动进行错误定价,并受到媒体信息的影响。与媒体报道相比,审计质量或分析师跟踪对快速眼动活动后果的影响相对较小。这些研究结果表明,从长期来看,媒体报道似乎减轻了REM对股票收益的影响,促进了公司IPO后的市场效率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Media Coverage, Real Earnings Management, and Long-Run Market Performance: Evidence from Chinese IPOs

Media Coverage, Real Earnings Management, and Long-Run Market Performance: Evidence from Chinese IPOs

This study investigates how real earnings management (REM) in the initial public offering (IPO) year affects long-run post-IPO market performance. The empirical results show that the effect of REM on a firm’s stock returns varies with the forms of REM. Abnormal production costs are positively associated with long-run returns, whereas abnormal cuts in discretionary expenses are negatively associated with long-run returns. These results suggest that investors are not fully aware of the implications of REM and initially undervalue or overvalue the firm based on different REM activities. Further, this study examines the long-run role of the media in the capital market by examining the impact of media coverage on the consequences of IPO firms’ REM practices. The results indicate that the associations between REM and stock returns become weaker if the IPO firm is more visible through the media. Additional analyses show that retail investors are more likely to initially misprice REM activities and be influenced by media information. Compared with media coverage, audit quality or analyst following has a relatively less pronounced effect on the consequences of REM activities. These findings imply that media coverage appears to mitigate the influence of REM on stock returns, facilitating market efficiency after a firm’s IPO in the long run.

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来源期刊
CiteScore
3.00
自引率
0.00%
发文量
34
期刊介绍: The current remarkable growth in the Asia-Pacific financial markets is certain to continue. These markets are expected to play a further important role in the world capital markets for investment and risk management. In accordance with this development, Asia-Pacific Financial Markets (formerly Financial Engineering and the Japanese Markets), the official journal of the Japanese Association of Financial Econometrics and Engineering (JAFEE), is expected to provide an international forum for researchers and practitioners in academia, industry, and government, who engage in empirical and/or theoretical research into the financial markets. We invite submission of quality papers on all aspects of finance and financial engineering. Here we interpret the term ''financial engineering'' broadly enough to cover such topics as financial time series, portfolio analysis, global asset allocation, trading strategy for investment, optimization methods, macro monetary economic analysis and pricing models for various financial assets including derivatives We stress that purely theoretical papers, as well as empirical studies that use Asia-Pacific market data, are welcome. Officially cited as: Asia-Pac Financ Markets
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