“Earnings Management” as a Factor for Underpricing Initial Public Offerings: Evidence from the Warsaw Stock Exchange (“Kreowanie wynikow” jako czynnik niedowartosciowania ceny akcji spolek IPO na przykladzie GPW w Warszawie)

Rafa³ Cieslik ()
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Rafa³ Cieslik: Uniwersytet Warszawski, Wydzial Nauk Ekonomicznych, Katedra Bankowosci, Finansow i Rachunkowosci

Problemy Zarzadzania, 2016, vol. 14, issue 63, 103-112

Abstract: The paper undertakes the assessment of the relationship between “earnings quality” and the underpricing effect in initial public offerings (IPO). The research encompasses data found in the financial statements of companies making their IPO on the Warsaw Stock Exchange over the years 2008–2011. The approach used to assess earnings quality was the measurement of abnormal accruals. The results of this research are consistent with other studies. They demonstrate that on the Polish capital market the “quality” of financial information is a significant factor behind the underpricing of shares in the IPO process.

Keywords: earnings quality; earnings management; accounting manipulations; accruals; IPO; underpricing (search for similar items in EconPapers)
JEL-codes: G14 G32 M41 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:pzwzuw:v:14:i:63:y:2016:p:103-112

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