کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7356015 1478177 2018 29 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act
چکیده انگلیسی
The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from this increased bias, as optimism is more positively associated with proxies for firm visibility and investment banking revenues when analysts are involved in the IPO process.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 65, Issues 2–3, April–May 2018, Pages 302-330
نویسندگان
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