主題：Torpedo Your Competition:
Strategic Reporting and Peer Firm IPO（擊敗你的競争對手：戰略報告和同行公司上市）
主講人：于曉筠，印第安納大學凱利商學院金融學教授
日期：2018年11月28日（周三）
時間：上午10:00 - 11:30
地點：清華Betvictor中文版4号樓101教室
語言：英文
摘要：
We show that
firms manage their earnings downwards when their industry peers file for
initial public offerings (IPOs). The downward accruals reverse if there are no
peers attempting an IPO. This effect is stronger if peers poise a bigger threat
to the incumbents and if industries are more competitive or informationally
opaque. When incumbents engage in more aggressive downward earnings management,
peer firms suffer from lower offer prices, raise smaller amount of capital, and
are more likely to withdraw from the offering. They also invest less, hoard
more cash, and experience lower profitability post IPO. Our results highlight
the role of strategic disclosure on product market competition. Endogeneity of
going-public activity and choice of proxies for earnings management and
industry classification do not appear to drive our findings.
主講人簡介:
Xiaoyun
Yu is a Professor of Finance and Arthur M. Weimer Faculty Fellow at
the Kelley School
of Business, Indiana
University. Her research interests are in the areas of theoretical and empirical
corporate finance, with a focus on information economics, IPOs, financial
institutions and systems, and political economy of finance. Her work has been
published in leading academic journals and has won several research awards. Her
research has been featured in various media outlets, including the CNBC, New
York Times, and Wall Street Journal.
