Lin, Tsai-Yin; Yu, Jerry; Lin, Chia-Yi - In: Journal of Risk and Financial Management 14 (2021) 3, pp. 1-16
-running underperformance. Two of the major explanations of that phenomenon are: "Hot market" and earnings management. This study investigates … both hot market and earnings management play a role in explaining IPO's long-run performance in their own rights, earnings … issued in the hot market still tend to underperform in the long run even if the firms do not engage in earnings management …