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利润操纵 外文
Rev Acc Stud (2007) 12:23–59
DOI 10.1007/s11142-006-9019-7
Underwriter choice and earnings management:
evidence from seasoned equity offerings
Hoje Jo Æ Yongtae Kim Æ Myung Seok Park
Published online: 21 February 2007
Springer Science+Business Media, LLC 2007
Abstract Using a sample of seasoned equity offerings (SEOs), this paper
examines the association between the choice of financial intermediary and
earnings management. We contend that with more stringent standards for
certification and intense monitoring, highly prestigious underwriters restrict
firms’ incentives for earnings management to protect their reputation and to
avoid potential litigation risks, while firms with greater incentives for earnings
management avoid strict monitoring by choosing low-quality underwriters.
Consistent with our predictions, we find an inverse association between
underwriter quality and issuers’ earnings management. In addition, we find
that underwriter quality is positively related to SEOs’ post-issue performance,
even after controlling for the effect of earnings management. We also find that
firms with low-underwriter prestige and high levels of earnings management
under-perform the most. However, the effect of underwriter choice on post-
issue performance does not last long.
Keywords Underwriter reputation Æ Underwriter choice Æ Earnings
management Æ Seasoned equity offerings Æ Post-issue performance
JEL Classifications M41 Æ G14 Æ G24 Æ G32
H. Jo Æ Y. Kim ()
Leavey School of Business, Santa Clara University, 500 El Camino Real, Santa Clara, CA
95053-0380, USA
e-mail: y1kim@
H. Jo
e-mail: hjo@
M. S. Park
School of Business, Virginia Commonwealth University, 1015 Floyd Ave, Richmond, VA
23284, USA
e-mail: mspark@
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