收入
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收益
审查
业务
收入确认
激励
佣金
货币经济学
库存(枪支)
财务
价值(数学)
证券交易所
会计
经济
市场经济
会计信息系统
工程类
政治学
法学
财务会计
机器学习
机械工程
计算机科学
作者
Norman Massel,Jung Eun “Jp” Park,Kenneth J. Reichelt
标识
DOI:10.1177/0148558x211046512
摘要
We demonstrate that investors in initial public offering (IPO) firms value revenues and that the number of U.S. Securities and Exchange Commission (SEC) revenue recognition comment letters issued on the S-1 registration statement are positively associated with reported revenues. We also find that IPO managers report revenues opportunistically in the fiscal year just prior to the offer. In additional analysis, we find that discretionary revenues are associated with significantly higher first day IPO stock returns but significantly lower 1 year stock returns. Our results are consistent with the incentives of managers to report revenues opportunistically outweighing the higher monitoring and regulatory scrutiny pre-IPO.
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