Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs

Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs

This paper examines earnings management of private equity-backed IPOs around security offerings in a comprehensive sample of Reverse LBOs between 1981 and 2006. These RLBO companies are found to have positive level of discretionary current accruals (DCAs) at a much smaller magnitude compared to othe...

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主要作者: ZHOU, Teng Yinzi
格式: text
語言:English
出版: Institutional Knowledge at Singapore Management University 2010
主題:
reverse leveraged buyouts
earnings management
buyout group reputation
financial performance
Going public (Securities)
Corporate Finance
Finance and Financial Management
在線閱讀:https://ink.library.smu.edu.sg/etd_coll/237
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spelling sg-smu-ink.etd_coll-12372019-11-12T07:35:36Z Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs ZHOU, Teng Yinzi This paper examines earnings management of private equity-backed IPOs around security offerings in a comprehensive sample of Reverse LBOs between 1981 and 2006. These RLBO companies are found to have positive level of discretionary current accruals (DCAs) at a much smaller magnitude compared to other IPOs. Buyout group's size is negatively related with the level of DCAs, suggesting that PE reputation mitigates accounting manipulations. Furthermore, PE reputation rather than earnings management can explain post-offering performance of RLBO companies. 2010-01-01T08:00:00Z text https://ink.library.smu.edu.sg/etd_coll/237 http://creativecommons.org/licenses/by-nc-nd/4.0/ Dissertations and Theses Collection (Open Access) eng Institutional Knowledge at Singapore Management University reverse leveraged buyouts earnings management buyout group reputation financial performance Going public (Securities) Corporate Finance Finance and Financial Management
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic reverse leveraged buyouts
earnings management
buyout group reputation
financial performance
Going public (Securities)
Corporate Finance
Finance and Financial Management
spellingShingle reverse leveraged buyouts
earnings management
buyout group reputation
financial performance
Going public (Securities)
Corporate Finance
Finance and Financial Management
ZHOU, Teng Yinzi
Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs
description This paper examines earnings management of private equity-backed IPOs around security offerings in a comprehensive sample of Reverse LBOs between 1981 and 2006. These RLBO companies are found to have positive level of discretionary current accruals (DCAs) at a much smaller magnitude compared to other IPOs. Buyout group's size is negatively related with the level of DCAs, suggesting that PE reputation mitigates accounting manipulations. Furthermore, PE reputation rather than earnings management can explain post-offering performance of RLBO companies.
format text
author ZHOU, Teng Yinzi
author_facet ZHOU, Teng Yinzi
author_sort ZHOU, Teng Yinzi
title Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs
title_short Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs
title_full Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs
title_fullStr Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs
title_full_unstemmed Earnings Management, Buyout Group Reputation and Post-offering Long-Run Stock Performance of Reverse LBOs
title_sort earnings management, buyout group reputation and post-offering long-run stock performance of reverse lbos
publisher Institutional Knowledge at Singapore Management University
publishDate 2010
url https://ink.library.smu.edu.sg/etd_coll/237
_version_ 1712300933186060288

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