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IPOs, Operating Activities, and IPO
IPOs, Operating Activities, and IPO Underpeormance
Author: Liu, Michelle; Forester, Clayton ProQuest document ink
Abstract: This paper examines how operating activities after lPOs contribute to underperformance. The authors find that firms issuing equity, and those taking advantage of P0 waves, tend to make excess inventory investments, some of which are unrelated to firm fundamentals, generate higher sales growth for a given level of investment, and have lower cash collection rates for a given level of accruals. They also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Full text: Headnote
Abstract
This paperE examines how operating activities after IPOs contribute to underperformance. We find that firms issuing equity, and those taking advantage of IPO waves, tend to (1) make excess inventory investments, some of which are unrelated to firm fundamentals, (2) generate higher sales growth for a given level of investment, and (3) have lower cash collection rates for a given level of accruals. We also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Our overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Keywords: IPO, New List, Growth, Market to Book, Operating Activities
JEL Codes: G1O,M41,M43
(ProQuest: ... denotes formulae omitted.)
Introduction
This paper examines the relation between the operating activities of newly public firms and post-IPO underperformance. IPO underperformance is one of the most widely studied new issues puzzle. Prior research has found it difficult to reconcile why newly public firms-who report high capital expenditures, high sales growth, and high earnings-tend to underperform, as measured by their low cash flows and low stock returns. We examine the operating activities of these firms to test several hypotheses for underperformance. We find evidence that newly public firms make excess investments in inventory and capital expenditures, generate higher sales growth for a given level of inventory, but generate lower subsequent cash flows from their accruals. Our tests support the hypothesis that managers take advantage of windows of opportunity in the IPO market. Our findings do not support the accounting window dressing hypothesis.
We focus on the operating activities of newly public firms for several reasons. First, previous research has noted
that firms issuing equity continue to invest heavily in projects, even while their performance deteriorates
(Loughran and Ritter, 1997); this is argued to be attributed to managers taking on negative NPV projects.
Examination of managerial decisions throughout the operating cycle allows us to isolate the type of projects that
Author: Liu, Michelle; Forester, Clayton ProQuest document ink
Abstract: This paper examines how operating activities after lPOs contribute to underperformance. The authors find that firms issuing equity, and those taking advantage of P0 waves, tend to make excess inventory investments, some of which are unrelated to firm fundamentals, generate higher sales growth for a given level of investment, and have lower cash collection rates for a given level of accruals. They also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Full text: Headnote
Abstract
This paperE examines how operating activities after IPOs contribute to underperformance. We find that firms issuing equity, and those taking advantage of IPO waves, tend to (1) make excess inventory investments, some of which are unrelated to firm fundamentals, (2) generate higher sales growth for a given level of investment, and (3) have lower cash collection rates for a given level of accruals. We also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Our overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Keywords: IPO, New List, Growth, Market to Book, Operating Activities
JEL Codes: G1O,M41,M43
(ProQuest: ... denotes formulae omitted.)
Introduction
This paper examines the relation between the operating activities of newly public firms and post-IPO underperformance. IPO underperformance is one of the most widely studied new issues puzzle. Prior research has found it difficult to reconcile why newly public firms-who report high capital expenditures, high sales growth, and high earnings-tend to underperform, as measured by their low cash flows and low stock returns. We examine the operating activities of these firms to test several hypotheses for underperformance. We find evidence that newly public firms make excess investments in inventory and capital expenditures, generate higher sales growth for a given level of inventory, but generate lower subsequent cash flows from their accruals. Our tests support the hypothesis that managers take advantage of windows of opportunity in the IPO market. Our findings do not support the accounting window dressing hypothesis.
We focus on the operating activities of newly public firms for several reasons. First, previous research has noted
that firms issuing equity continue to invest heavily in projects, even while their performance deteriorates
(Loughran and Ritter, 1997); this is argued to be attributed to managers taking on negative NPV projects.
Examination of managerial decisions throughout the operating cycle allows us to isolate the type of projects that
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IPOs, Operating Activities, and IPO Underpeormance
Author: Liu, Michelle; Forester, Clayton ProQuest document ink
Abstract: This paper examines how operating activities after lPOs contribute to underperformance. The authors find that firms issuing equity, and those taking advantage of P0 waves, tend to make excess inventory investments, some of which are unrelated to firm fundamentals, generate higher sales growth for a given level of investment, and have lower cash collection rates for a given level of accruals. They also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Full text: Headnote
Abstract
This paperE examines how operating activities after IPOs contribute to underperformance. We find that firms issuing equity, and those taking advantage of IPO waves, tend to (1) make excess inventory investments, some of which are unrelated to firm fundamentals, (2) generate higher sales growth for a given level of investment, and (3) have lower cash collection rates for a given level of accruals. We also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Our overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Keywords: IPO, New List, Growth, Market to Book, Operating Activities
JEL Codes: G1O,M41,M43
(ProQuest: ... denotes formulae omitted.)
Introduction
This paper examines the relation between the operating activities of newly public firms and post-IPO underperformance. IPO underperformance is one of the most widely studied new issues puzzle. Prior research has found it difficult to reconcile why newly public firms-who report high capital expenditures, high sales growth, and high earnings-tend to underperform, as measured by their low cash flows and low stock returns. We examine the operating activities of these firms to test several hypotheses for underperformance. We find evidence that newly public firms make excess investments in inventory and capital expenditures, generate higher sales growth for a given level of inventory, but generate lower subsequent cash flows from their accruals. Our tests support the hypothesis that managers take advantage of windows of opportunity in the IPO market. Our findings do not support the accounting window dressing hypothesis.
We focus on the operating activities of newly public firms for several reasons. First, previous research has noted
that firms issuing equity continue to invest heavily in projects, even while their performance deteriorates
(Loughran and Ritter, 1997); this is argued to be attributed to managers taking on negative NPV projects.
Examination of managerial decisions throughout the operating cycle allows us to isolate the type of projects that
Author: Liu, Michelle; Forester, Clayton ProQuest document ink
Abstract: This paper examines how operating activities after lPOs contribute to underperformance. The authors find that firms issuing equity, and those taking advantage of P0 waves, tend to make excess inventory investments, some of which are unrelated to firm fundamentals, generate higher sales growth for a given level of investment, and have lower cash collection rates for a given level of accruals. They also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Full text: Headnote
Abstract
This paperE examines how operating activities after IPOs contribute to underperformance. We find that firms issuing equity, and those taking advantage of IPO waves, tend to (1) make excess inventory investments, some of which are unrelated to firm fundamentals, (2) generate higher sales growth for a given level of investment, and (3) have lower cash collection rates for a given level of accruals. We also find evidence that firms reporting high abnormal accruals in the year of IPO have higher cash collection rates compared to peers. Our overall results suggest that managerial decisions on excess purchases and aggressive revenue recognition contribute to IPO underperformance.
Keywords: IPO, New List, Growth, Market to Book, Operating Activities
JEL Codes: G1O,M41,M43
(ProQuest: ... denotes formulae omitted.)
Introduction
This paper examines the relation between the operating activities of newly public firms and post-IPO underperformance. IPO underperformance is one of the most widely studied new issues puzzle. Prior research has found it difficult to reconcile why newly public firms-who report high capital expenditures, high sales growth, and high earnings-tend to underperform, as measured by their low cash flows and low stock returns. We examine the operating activities of these firms to test several hypotheses for underperformance. We find evidence that newly public firms make excess investments in inventory and capital expenditures, generate higher sales growth for a given level of inventory, but generate lower subsequent cash flows from their accruals. Our tests support the hypothesis that managers take advantage of windows of opportunity in the IPO market. Our findings do not support the accounting window dressing hypothesis.
We focus on the operating activities of newly public firms for several reasons. First, previous research has noted
that firms issuing equity continue to invest heavily in projects, even while their performance deteriorates
(Loughran and Ritter, 1997); this is argued to be attributed to managers taking on negative NPV projects.
Examination of managerial decisions throughout the operating cycle allows us to isolate the type of projects that
Sedang diterjemahkan, harap tunggu..
IPO, Aktivitas Operasi, dan IPO Underpeormance
Author: Liu, Michelle; Forester, Clayton ProQuest tinta dokumen
Abstrak: Makalah ini membahas bagaimana kegiatan operasi setelah lPOs berkontribusi terhadap kinerja yang kurang. Para penulis menemukan bahwa perusahaan menerbitkan saham, dan mereka mengambil keuntungan dari gelombang P0, cenderung melakukan investasi kelebihan persediaan, beberapa di antaranya tidak terkait dengan mengencangkan fundamental, menghasilkan pertumbuhan penjualan yang lebih tinggi untuk tingkat tertentu investasi, dan memiliki tingkat pengumpulan uang tunai yang lebih rendah untuk tingkat tertentu akrual. Mereka juga menemukan bukti bahwa perusahaan yang melaporkan akrual yang abnormal tinggi di tahun IPO memiliki tarif koleksi kas yang lebih tinggi dibandingkan dengan rekan-rekan. Secara keseluruhan hasil menunjukkan bahwa keputusan manajerial pada pembelian kelebihan dan pengakuan pendapatan agresif berkontribusi untuk IPO kinerja yang kurang.
Teks: pendahuluan singkat
Abstrak
Papere ini meneliti bagaimana aktivitas operasi setelah IPO berkontribusi terhadap kinerja yang kurang. Kami menemukan bahwa perusahaan menerbitkan saham, dan mereka mengambil keuntungan dari gelombang IPO, cenderung (1) melakukan investasi kelebihan persediaan, beberapa di antaranya tidak terkait dengan mengencangkan fundamental, (2) menghasilkan pertumbuhan penjualan yang lebih tinggi untuk tingkat tertentu investasi, dan ( 3) memiliki tingkat pengumpulan kas yang lebih rendah untuk tingkat tertentu akrual. Kami juga menemukan bukti bahwa perusahaan yang melaporkan akrual yang abnormal tinggi di tahun IPO memiliki tarif koleksi kas yang lebih tinggi dibandingkan dengan rekan-rekan. Hasil penelitian kami menunjukkan bahwa secara keseluruhan keputusan manajerial pada pembelian kelebihan dan pengakuan pendapatan agresif berkontribusi untuk IPO kinerja yang kurang.
Kata kunci: IPO, Daftar Baru, Pertumbuhan, Pasar ke Buku Aktivitas Operasi
JEL Kode: G1O, M41, M43
(ProQuest: ... menunjukkan formula dihilangkan.)
Pendahuluan
Makalah ini membahas hubungan antara aktivitas operasi perusahaan baru publik dan kinerja yang kurang pasca-IPO. Kinerja yang kurang IPO adalah salah satu yang paling banyak dipelajari isu-isu baru teka-teki. Penelitian sebelumnya telah menemukan sulit untuk mendamaikan mengapa perusahaan-yang baru publik melaporkan pengeluaran tinggi modal, pertumbuhan penjualan yang tinggi, dan tinggi laba-cenderung underperform, yang diukur dengan arus kas yang rendah dan return saham yang rendah. Kami memeriksa kegiatan operasional perusahaan-perusahaan ini untuk menguji beberapa hipotesis untuk kinerja yang kurang. Kami menemukan bukti bahwa perusahaan baru masyarakat melakukan investasi kelebihan dalam persediaan dan belanja modal, menghasilkan pertumbuhan penjualan yang lebih tinggi untuk tingkat tertentu persediaan, tetapi menghasilkan arus kas berikutnya lebih rendah dari akrual mereka. Pengujian kami mendukung hipotesis bahwa manajer mengambil keuntungan dari jendela kesempatan di pasar IPO. Temuan kami tidak mendukung hipotesis jendela akuntansi ganti.
Kami fokus pada kegiatan operasi perusahaan baru publik karena beberapa alasan. Pertama, penelitian sebelumnya telah mencatat
bahwa perusahaan menerbitkan saham terus berinvestasi dalam proyek-proyek, bahkan saat kinerja mereka memburuk
(Loughran dan Ritter, 1997); ini berpendapat untuk dihubungkan dengan manajer mengambil proyek-proyek NPV negatif.
Pemeriksaan keputusan manajerial sepanjang siklus operasi memungkinkan kita untuk mengisolasi jenis proyek yang
Author: Liu, Michelle; Forester, Clayton ProQuest tinta dokumen
Abstrak: Makalah ini membahas bagaimana kegiatan operasi setelah lPOs berkontribusi terhadap kinerja yang kurang. Para penulis menemukan bahwa perusahaan menerbitkan saham, dan mereka mengambil keuntungan dari gelombang P0, cenderung melakukan investasi kelebihan persediaan, beberapa di antaranya tidak terkait dengan mengencangkan fundamental, menghasilkan pertumbuhan penjualan yang lebih tinggi untuk tingkat tertentu investasi, dan memiliki tingkat pengumpulan uang tunai yang lebih rendah untuk tingkat tertentu akrual. Mereka juga menemukan bukti bahwa perusahaan yang melaporkan akrual yang abnormal tinggi di tahun IPO memiliki tarif koleksi kas yang lebih tinggi dibandingkan dengan rekan-rekan. Secara keseluruhan hasil menunjukkan bahwa keputusan manajerial pada pembelian kelebihan dan pengakuan pendapatan agresif berkontribusi untuk IPO kinerja yang kurang.
Teks: pendahuluan singkat
Abstrak
Papere ini meneliti bagaimana aktivitas operasi setelah IPO berkontribusi terhadap kinerja yang kurang. Kami menemukan bahwa perusahaan menerbitkan saham, dan mereka mengambil keuntungan dari gelombang IPO, cenderung (1) melakukan investasi kelebihan persediaan, beberapa di antaranya tidak terkait dengan mengencangkan fundamental, (2) menghasilkan pertumbuhan penjualan yang lebih tinggi untuk tingkat tertentu investasi, dan ( 3) memiliki tingkat pengumpulan kas yang lebih rendah untuk tingkat tertentu akrual. Kami juga menemukan bukti bahwa perusahaan yang melaporkan akrual yang abnormal tinggi di tahun IPO memiliki tarif koleksi kas yang lebih tinggi dibandingkan dengan rekan-rekan. Hasil penelitian kami menunjukkan bahwa secara keseluruhan keputusan manajerial pada pembelian kelebihan dan pengakuan pendapatan agresif berkontribusi untuk IPO kinerja yang kurang.
Kata kunci: IPO, Daftar Baru, Pertumbuhan, Pasar ke Buku Aktivitas Operasi
JEL Kode: G1O, M41, M43
(ProQuest: ... menunjukkan formula dihilangkan.)
Pendahuluan
Makalah ini membahas hubungan antara aktivitas operasi perusahaan baru publik dan kinerja yang kurang pasca-IPO. Kinerja yang kurang IPO adalah salah satu yang paling banyak dipelajari isu-isu baru teka-teki. Penelitian sebelumnya telah menemukan sulit untuk mendamaikan mengapa perusahaan-yang baru publik melaporkan pengeluaran tinggi modal, pertumbuhan penjualan yang tinggi, dan tinggi laba-cenderung underperform, yang diukur dengan arus kas yang rendah dan return saham yang rendah. Kami memeriksa kegiatan operasional perusahaan-perusahaan ini untuk menguji beberapa hipotesis untuk kinerja yang kurang. Kami menemukan bukti bahwa perusahaan baru masyarakat melakukan investasi kelebihan dalam persediaan dan belanja modal, menghasilkan pertumbuhan penjualan yang lebih tinggi untuk tingkat tertentu persediaan, tetapi menghasilkan arus kas berikutnya lebih rendah dari akrual mereka. Pengujian kami mendukung hipotesis bahwa manajer mengambil keuntungan dari jendela kesempatan di pasar IPO. Temuan kami tidak mendukung hipotesis jendela akuntansi ganti.
Kami fokus pada kegiatan operasi perusahaan baru publik karena beberapa alasan. Pertama, penelitian sebelumnya telah mencatat
bahwa perusahaan menerbitkan saham terus berinvestasi dalam proyek-proyek, bahkan saat kinerja mereka memburuk
(Loughran dan Ritter, 1997); ini berpendapat untuk dihubungkan dengan manajer mengambil proyek-proyek NPV negatif.
Pemeriksaan keputusan manajerial sepanjang siklus operasi memungkinkan kita untuk mengisolasi jenis proyek yang
Sedang diterjemahkan, harap tunggu..
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