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Predicting Subsequent Management Forecasting Behavior at the Date of an Initial Public Offering

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  • Baginski, Stephen P
  • Hassell, John M
  • Neill, John D

Abstract

In this study, we examine the conditions and choices of firms at dates of initial public offerings (IPOs) as a basis for predicting their likelihood of management earnings forecast disclosure in post-IPO periods. Using a sample of 944 IPOs, we demonstrate that firms choosing to reduce IPO information asymmetries or signal issue quality by choosing prestigious underwriters, high quality auditors, and higher percentages of retained ownership tend to issue management forecasts in the post-IPO period. These relationships exist after controlling for IPO date measures of risk/stability, a construct that prior management forecast research has found to be a key determinant of the forecasting act. Copyright 1999 by Kluwer Academic Publishers

Suggested Citation

  • Baginski, Stephen P & Hassell, John M & Neill, John D, 1999. "Predicting Subsequent Management Forecasting Behavior at the Date of an Initial Public Offering," Review of Quantitative Finance and Accounting, Springer, vol. 12(1), pages 5-20, January.
    • Handle: RePEc:kap:rqfnac:v:12:y:1999:i:1:p:5-20
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    Cited by:

    1. Pei-Gi Shu & Yin-Hua Yeh & Shean-Bii Chiu & Fu-Sheng Ho, 2011. "The reputation effect of venture capital," Review of Quantitative Finance and Accounting, Springer, vol. 36(4), pages 533-554, May.
    2. Re-Jin Guo & Nan Zhou, 2016. "Innovation capability and post-IPO performance," Review of Quantitative Finance and Accounting, Springer, vol. 46(2), pages 335-357, February.
    3. Price, Renee, 1999. "Voluntry earnings disclosures in Uniform franchise offering circulars," Journal of Accounting and Economics, Elsevier, vol. 28(3), pages 391-423, December.
    4. Kristian D. Allee & Theodore E. Christensen & Bryan S. Graden & Kenneth J. Merkley, 2021. "The Genesis of Voluntary Disclosure: An Analysis of Firms’ First Earnings Guidance," Management Science, INFORMS, vol. 67(3), pages 1914-1938, March.

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