A Comparative Analysis of Real and Accrual Earnings Management around Initial Public Offerings under Different Regulatory Environments
研究了监管环境对IPO公司盈余管理行为的影响，发现英国另类投资市场（监管较松）的上市公司在IPO前后应计和销售相关的盈余管理程度高于主板（监管较严）公司。
Abstract While earnings management around IPOs has been researched in a number of settings, there has been a relative absence of work that analyses the impact of the regulatory environment on such activities. We find that the regulatory environment does impact the real and accrual earnings management activities of IPO firms. Our results show that IPO firms listing on the lightly regulated UK Alternative Investment Market (AIM) have higher (lower) levels of accrual‐based and sales‐based (discretionary expenses‐based) earnings management around the IPO than firms listing on the more heavily regulated Main market in the UK.