{"id":"https://openalex.org/W1844162014","doi":"https://doi.org/10.1111/jbfa.12046","title":"Information Uncertainty, Earnings Management, and Long\u2010run Stock Performance Following Initial Public Offerings","display_name":"Information Uncertainty, Earnings Management, and Long\u2010run Stock Performance Following Initial Public Offerings","publication_year":2013,"publication_date":"2013-11-01","ids":{"openalex":"https://openalex.org/W1844162014","doi":"https://doi.org/10.1111/jbfa.12046","mag":"1844162014"},"language":"en","primary_location":{"id":"doi:10.1111/jbfa.12046","doi":"https://doi.org/10.1111/jbfa.12046","is_oa":false,"landing_page_url":"https://doi.org/10.1111/jbfa.12046","pdf_url":null,"source":{"id":"https://openalex.org/S48254654","display_name":"Journal of Business Finance &amp Accounting","issn_l":"0306-686X","issn":["0306-686X","1468-5957"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Finance & Accounting","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5053810539","display_name":"Sheng\u2010Syan Chen","orcid":"https://orcid.org/0000-0003-3687-7018","observed_orcids":["https://orcid.org/0000-0003-3687-7018"]},"institutions":[{"id":"https://openalex.org/I16733864","display_name":"National Taiwan University","ror":"https://ror.org/05bqach95","country_code":"TW","type":"education","lineage":["https://openalex.org/I16733864"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Sheng\u2010Syan Chen","raw_affiliation_strings":["National Taiwan University > > > >  >  >"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Taiwan University > > > >  >  >","institution_ids":["https://openalex.org/I16733864"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5022783326","display_name":"Wen\u2010Chun Lin","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I43566213","display_name":"National Taipei University of Business","ror":"https://ror.org/029hrv109","country_code":"TW","type":"education","lineage":["https://openalex.org/I43566213"]}],"countries":["TW"],"is_corresponding":true,"raw_author_name":"Wen\u2010Chun Lin","raw_affiliation_strings":["Wen-Chun Lin, Department of Finance, National Taipei College of Business, No. 321, Sec. 1, Jinan Rd., Taipei 100, Taiwan. e-mail:","National Taipei University of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Wen-Chun Lin, Department of Finance, National Taipei College of Business, No. 321, Sec. 1, Jinan Rd., Taipei 100, Taiwan. e-mail:","institution_ids":["https://openalex.org/I43566213"]},{"raw_affiliation_string":"National Taipei University of Business","institution_ids":["https://openalex.org/I43566213"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5075283086","display_name":"Shao\u2010Chi Chang","orcid":"https://orcid.org/0000-0001-7264-2035","observed_orcids":["https://orcid.org/0000-0001-7264-2035"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Shao\u2010Chi Chang","raw_affiliation_strings":["Advanced Master of Business Administration (AMBA)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Advanced Master of Business Administration (AMBA)","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100820434","display_name":"Chih\u2010Yen Lin","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I16733864","display_name":"National Taiwan University","ror":"https://ror.org/05bqach95","country_code":"TW","type":"education","lineage":["https://openalex.org/I16733864"]},{"id":"https://openalex.org/I91807558","display_name":"National Cheng Kung University","ror":"https://ror.org/01b8kcc49","country_code":"TW","type":"education","lineage":["https://openalex.org/I91807558"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Chih\u2010Yen Lin","raw_affiliation_strings":["The first author is from the National Taiwan University, Taipei, Taiwan. The second author is from the National Taipei College of Business, Taipei, Taiwan. The third author is from the National Cheng Kung University, Tainan City, Taiwan. The fourth author is from the National Taiwan University, Taipei, Taiwan. The authors wish to thank Martin Walker (the Editor) and an anonymous referee for helpful comments and suggestions. Helpful suggestions from Kevin C. W. Chen, Dosoung Choi, Kim Wai Ho, Frank C. Jen, Rezaul Kabir, Cheng-few Lee, Chi-Chun Liu and T. J. Wong are also appreciated. Seminar participants at the 2008 American Accounting Association Annual Conference and the 2008 Financial Management Association Annual Conference provided many valuable comments. Wen-Chun Lin gratefully acknowledges financial support from the National Science Council of Taiwan (NSC99-2410-H-126-002)","National Taiwan University > > > >  >  >"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The first author is from the National Taiwan University, Taipei, Taiwan. The second author is from the National Taipei College of Business, Taipei, Taiwan. The third author is from the National Cheng Kung University, Tainan City, Taiwan. The fourth author is from the National Taiwan University, Taipei, Taiwan. The authors wish to thank Martin Walker (the Editor) and an anonymous referee for helpful comments and suggestions. Helpful suggestions from Kevin C. W. Chen, Dosoung Choi, Kim Wai Ho, Frank C. Jen, Rezaul Kabir, Cheng-few Lee, Chi-Chun Liu and T. J. Wong are also appreciated. Seminar participants at the 2008 American Accounting Association Annual Conference and the 2008 Financial Management Association Annual Conference provided many valuable comments. Wen-Chun Lin gratefully acknowledges financial support from the National Science Council of Taiwan (NSC99-2410-H-126-002)","institution_ids":["https://openalex.org/I16733864","https://openalex.org/I91807558"]},{"raw_affiliation_string":"National Taiwan University > > > >  >  >","institution_ids":["https://openalex.org/I16733864"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5022783326"],"corresponding_institution_ids":["https://openalex.org/I43566213"],"apc_list":{"value":3800,"currency":"USD","value_usd":3800},"apc_paid":null,"fwci":10.3472,"has_fulltext":false,"cited_by_count":39,"citation_normalized_percentile":{"value":0.97561904,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"40","issue":"9-10","first_page":"1126","last_page":"1154"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/information-uncertainty","display_name":"information uncertainty","score":0.9350000023841858},{"id":"https://openalex.org/keywords/earnings-management","display_name":"earnings management","score":0.9990000128746033},{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.9789999723434448},{"id":"https://openalex.org/keywords/long-run-stock-performance","display_name":"long-run stock performance","score":0.9670000076293945},{"id":"https://openalex.org/keywords/earnings-announcements","display_name":"earnings announcements","score":0.7049999833106995},{"id":"https://openalex.org/keywords/market-reaction","display_name":"market reaction","score":0.9290000200271606},{"id":"https://openalex.org/keywords/ipo-underpricing","display_name":"IPO underpricing","score":0.6079999804496765}],"concepts":[{"id":"https://openalex.org/C2781009383","wikidata":"https://www.wikidata.org/wiki/Q15995636","display_name":"Earnings management","level":3,"score":0.7884180545806885},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.7415024042129517},{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.7246766090393066},{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.6695194840431213},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6642814874649048},{"id":"https://openalex.org/C190775180","wikidata":"https://www.wikidata.org/wiki/Q5326946","display_name":"Earnings response coefficient","level":3,"score":0.5788827538490295},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5463072657585144},{"id":"https://openalex.org/C3018121129","wikidata":"https://www.wikidata.org/wiki/Q2122243","display_name":"Negative information","level":2,"score":0.478725403547287},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.4734059274196625},{"id":"https://openalex.org/C206217203","wikidata":"https://www.wikidata.org/wiki/Q1134378","display_name":"Earnings per share","level":3,"score":0.43032386898994446},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3822297155857086},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3363487124443054},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3325417637825012},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2824022173881531},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C180747234","wikidata":"https://www.wikidata.org/wiki/Q23373","display_name":"Cognitive psychology","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/jbfa.12046","doi":"https://doi.org/10.1111/jbfa.12046","is_oa":false,"landing_page_url":"https://doi.org/10.1111/jbfa.12046","pdf_url":null,"source":{"id":"https://openalex.org/S48254654","display_name":"Journal of Business Finance &amp Accounting","issn_l":"0306-686X","issn":["0306-686X","1468-5957"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Business Finance & Accounting","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Decent work and economic growth","score":0.46000000834465027,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G6516963580","display_name":null,"funder_award_id":"NSC99-2410-H-126-002","funder_id":"https://openalex.org/F4320321040","funder_display_name":"National Science Council"}],"funders":[{"id":"https://openalex.org/F4320321040","display_name":"National Science Council","ror":"https://ror.org/02kv4zf79"}],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":77,"referenced_works":["https://openalex.org/W33379633","https://openalex.org/W40198218","https://openalex.org/W58574073","https://openalex.org/W139091898","https://openalex.org/W237326718","https://openalex.org/W1492155385","https://openalex.org/W1523894241","https://openalex.org/W1551292867","https://openalex.org/W1576728798","https://openalex.org/W1593455549","https://openalex.org/W1601717704","https://openalex.org/W1696396578","https://openalex.org/W1771800171","https://openalex.org/W1835822884","https://openalex.org/W1847632164","https://openalex.org/W1904553393","https://openalex.org/W1964513108","https://openalex.org/W1970812832","https://openalex.org/W1979436160","https://openalex.org/W1980730642","https://openalex.org/W1986187321","https://openalex.org/W1986881110","https://openalex.org/W1987468906","https://openalex.org/W1990806450","https://openalex.org/W1995834279","https://openalex.org/W1996463167","https://openalex.org/W2020095463","https://openalex.org/W2030774206","https://openalex.org/W2040734759","https://openalex.org/W2041941766","https://openalex.org/W2055418603","https://openalex.org/W2055549572","https://openalex.org/W2057190074","https://openalex.org/W2074612211","https://openalex.org/W2082857921","https://openalex.org/W2085162670","https://openalex.org/W2088782463","https://openalex.org/W2090815169","https://openalex.org/W2098387901","https://openalex.org/W2104796460","https://openalex.org/W2108818539","https://openalex.org/W2109828486","https://openalex.org/W2111255674","https://openalex.org/W2119094949","https://openalex.org/W2121764073","https://openalex.org/W2126806822","https://openalex.org/W2136120210","https://openalex.org/W2142242808","https://openalex.org/W2148198877","https://openalex.org/W2151699494","https://openalex.org/W2154187126","https://openalex.org/W2154621866","https://openalex.org/W2155809871","https://openalex.org/W2161531238","https://openalex.org/W2164646550","https://openalex.org/W2172016257","https://openalex.org/W2321113091","https://openalex.org/W2967447823","https://openalex.org/W3121318627","https://openalex.org/W3121473622","https://openalex.org/W3121910425","https://openalex.org/W3122680622","https://openalex.org/W3123065606","https://openalex.org/W3123177214","https://openalex.org/W3123315809","https://openalex.org/W3123660499","https://openalex.org/W3123843928","https://openalex.org/W3123993840","https://openalex.org/W3124041048","https://openalex.org/W3124167540","https://openalex.org/W3124170598","https://openalex.org/W3125078907","https://openalex.org/W3125491259","https://openalex.org/W3125693224","https://openalex.org/W3125780646","https://openalex.org/W4230336695","https://openalex.org/W4230737382"],"related_works":["https://openalex.org/W1483765383","https://openalex.org/W7056511603","https://openalex.org/W165358367","https://openalex.org/W2910720208","https://openalex.org/W2511180547","https://openalex.org/W2109828486","https://openalex.org/W2811011458","https://openalex.org/W2004454113","https://openalex.org/W2296062518","https://openalex.org/W224177774"],"abstract_inverted_index":{"Abstract":[0],"We":[1],"examine":[2],"how":[3],"information":[4],"uncertainty":[5],"surrounding":[6],"IPO":[7],"(initial":[8],"public":[9],"offering)":[10],"firms":[11,87,101],"influences":[12],"earnings":[13,31,40,61,69],"management":[14,24,55,93,105],"and":[15,32,42,62,71],"long\u2010run":[16,43,72],"stock":[17,44,73],"performance.":[18],"For":[19,49],"low\u2010information\u2010uncertainty":[20,86],"issuers,":[21,51],"at\u2010issue":[22,53],"earnings\u2019":[23,54,92,104],"is":[25,56],"positively":[26],"related":[27,64],"to":[28,36,39,58,65,68,89],"subsequent":[29,59],"unmanaged":[30,60],"has":[33],"no":[34],"relationship":[35],"market":[37,66],"reaction":[38,67],"announcement":[41,70],"performance":[45,74],"following":[46,75],"the":[47,76],"offering.":[48],"high\u2010information\u2010uncertainty":[50,100],"however,":[52],"unrelated":[57],"negatively":[63],"offer.":[77],"The":[78],"evidence":[79],"suggests":[80],"that,":[81],"on":[82],"average,":[83],"managers":[84,98],"in":[85,91,99,103],"tend":[88],"engage":[90,102],"for":[94,106],"informative":[95],"purposes,":[96],"while":[97],"opportunistic":[107],"purposes.":[108]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":8},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}