IPO Underpricing, Firm Quality, and Analyst Forecasts
研究发现IPO抑价与上市后销售和EBITDA增长正相关，但与盈利增长无关，表明盈余管理导致不一致；分析师对高抑价公司的盈利预测偏差较小。
We find that IPO underpricing is positively related to post‐IPO growth in sales and EBITDA, but is not significantly related to growth in earnings. Our evidence suggests that accrual reversals or earnings management may cause this inconsistency. We interpret the growth rates of sales and EBITDA as measures of firm quality, and conclude that our evidence supports the notion that IPO firms with greater underpricing are of better quality. Our tests on analysts' earnings forecast errors show that analysts are less positively biased in their earnings forecasts for IPO firms that have greater underpricing.