Determinants of Management Earnings Forecasts: The Case of Global Shipping IPOs
研究了全球航运公司在IPO时自愿发布盈利预测的现象，发现船东的预测普遍悲观且不准确，主要受行业不确定性、财务杠杆、新兴市场上市和全球市场条件影响。
Abstract Firms that go public on global stock markets are not obliged to disclose earnings forecasts in their prospectuses. We use this fact to examine the shipping industry, where most firms voluntarily issue earnings forecasts during the IPO process, thus providing unique, international‐level evidence. We find overall pessimistic forecasts of ship owners, primarily because of the industry's uncertain and volatile environment. High ship owner participation after going public is associated with less accurate earnings forecasts. Our results further indicate that financial leverage, a listing in an emerging stock market, and global market conditions are other main factors responsible for inaccurate earnings forecasts.