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Full-Text Articles in Business
Essays On The Performance And Earnings Management Of Cross-Listing Firms, Klaus S. Beckmann
Essays On The Performance And Earnings Management Of Cross-Listing Firms, Klaus S. Beckmann
Theses and Dissertations
I investigate the performance and earnings management of firms that cross-list in foreign markets. In the first essay, I analyze and compare the underpricing and buy-and-hold abnormal returns of depositary receipt equity offerings with preceding Initial Public Offerings (IPOs) and Seasoned Equity Offerings (SEOs) of the same firms to identify differences and motivations of equity offerings free of any matching bias. I find that domestic equity offerings entail significantly larger underpricing than subsequent foreign equity offerings. The average buy-and-hold abnormal returns of depositary receipt equity offerings are significantly lower than the underlying firm’s performance at preceding domestic equity issuances over …
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Mohammed Sani Abdulai
In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled …
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Walden Dissertations and Doctoral Studies
In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled …
Small Audit Firms And Earnings Manipulations, Huichi Huang
Small Audit Firms And Earnings Manipulations, Huichi Huang
Business Administration - Dissertations
This paper examines the monitoring role of small audit firms (i.e., those with 100 or fewer clients who are subject to different levels of oversight by the PCAOB) on earnings management. Specifically, I examine the relationship between earnings manipulations and the use of small audit firms. I find that small audit firms are less able to constrain managers' opportunistic use of discretionary accruals. However I find no evidence that small audit firms are associated with real activities manipulation. By investigating a specific group of audit firms that are the smallest in the audit market, this study extends our understanding of …