Real and accrual earnings management around IPOs performance

Description This study aims to explore accrual-based earning management and real earning management around IPOs valuation and subsequent Performance: Evidence from UK、French、Germany companies. Analysis accrual-based earning management and real earning management respectively. Firstly, Investigate whether proxy measures of pre-IPO earnings management by issuers are related to firm value at offering. Secondly, investigate whether pre-IPO earnings management is related to subsequent firm performance. 1、 In order to receive greater amounts of proceeds from IPOs, firms will engage in earnings management. 2、Real Earnings management in IPO companies is negatively associated with IPO initial return. 3、IPO firms in which managers engage in earnings management experience poor long-term stock price performance.