Determinants of Management Earnings Forecasts: The Case of Global Shipping IPOs

被引：7

作者：

Drobetz, Wolfgang ^{[1
]}

Gounopoulos, Dimitrios ^{[2
]}

Merika, Anna ^{[3
]}

Merikas, Andreas ^{[4
]}

机构：

[1] Hamburg Univ, Fac Business Adm, D-20148 Hamburg, Germany

[2] Newcastle Univ, Sch Business, Newcastle Upon Tyne NE1 4SE, Tyne & Wear, England

[3] Amer Coll Greece, Dept Econ, 6 Gravias St, Aghia Paraskevi 15342, Greece

[4] Univ Piraeus, Dept Maritime Studies, Piraeus, Greece

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2017年 / 23卷 / 05期

关键词：

earnings management; voluntary disclosure environment; forecast accuracy; IPOs; MANDATORY IFRS ADOPTION; INFORMATION ASYMMETRY; ENVIRONMENTAL DISCLOSURE; VOLUNTARY DISCLOSURE; CORPORATE DISCLOSURE; ACCOUNTING STANDARDS; PUBLIC OFFERINGS; MARKET; US; EQUITY;

D O I：

10.1111/eufm.12121

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Firms that go public on global stock markets are not obliged to disclose earnings forecasts in their prospectuses. We use this fact to examine the shipping industry, where most firms voluntarily issue earnings forecasts during the IPO process, thus providing unique, international-level evidence. We find overall pessimistic forecasts of ship owners, primarily because of the industry's uncertain and volatile environment. High ship owner participation after going public is associated with less accurate earnings forecasts. Our results further indicate that financial leverage, a listing in an emerging stock market, and global market conditions are other main factors responsible for inaccurate earnings forecasts.

引用

页码：975 / 1015

页数：41

共 110 条

[1] CORPORATE MANAGERS EARNINGS FORECASTS AND SYMMETRICAL ADJUSTMENTS OF MARKET EXPECTATIONS [J].