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Usefulness of Pro Forma Accounting I...

Chen, Wei.

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Usefulness of Pro Forma Accounting Information Mandated in IPO Prospectuses: Its Association with IPO Pricing and Subsequent Firm Performance.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Usefulness of Pro Forma Accounting Information Mandated in IPO Prospectuses: Its Association with IPO Pricing and Subsequent Firm Performance./
作者:	Chen, Wei.
面頁冊數:	190 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-05, Section: A, page: .
Contained By:	Dissertation Abstracts International72-05A.
標題:	Business Administration, Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3448477
ISBN:	9781124539447

Usefulness of Pro Forma Accounting Information Mandated in IPO Prospectuses: Its Association with IPO Pricing and Subsequent Firm Performance.
Chen, Wei.

Usefulness of Pro Forma Accounting Information Mandated in IPO Prospectuses: Its Association with IPO Pricing and Subsequent Firm Performance. - 190 p.

Source: Dissertation Abstracts International, Volume: 72-05, Section: A, page: .

Thesis (Ph.D.)--Hong Kong Polytechnic University (Hong Kong), 2010.

This study examines the characteristics and usefulness of pro forma accounting information disclosed in IPO prospectuses as required by Article 11 of Regulation S-X. Using hand- collected pro forma accounting data from IPO prospectuses during 1997-2008, I first collect descriptive evidence on the nature and characteristics of pro forma accounting data in my sample. I find that pro forma IPOs are more likely to occur in the service industry and increase significantly during the Internet bubble period (1999-2000). I also find that pro forma IPO firms are more mature than non-pro forma IPO firms and pro forma transactions are more likely to occur during the IPO year and related to mergers and acquisitions. Finally, I find that pro forma earnings adjustment has, on average, an income-decreasing effect on historical GAAP earnings. A decomposition of pro forma earnings adjustment indicates that positive pro forma earnings adjustment is more likely associated with gross profit and selling, general & administrative (SG&A) expenses, and negative pro forma earnings adjustment is more likely associated with depreciation and amortization (D&A) expenses.

ISBN: 9781124539447Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Usefulness of Pro Forma Accounting Information Mandated in IPO Prospectuses: Its Association with IPO Pricing and Subsequent Firm Performance.
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500 $a Source: Dissertation Abstracts International, Volume: 72-05, Section: A, page: .
500 $a Adviser: Ben-Hsien Bao.
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520 $a This study examines the characteristics and usefulness of pro forma accounting information disclosed in IPO prospectuses as required by Article 11 of Regulation S-X. Using hand- collected pro forma accounting data from IPO prospectuses during 1997-2008, I first collect descriptive evidence on the nature and characteristics of pro forma accounting data in my sample. I find that pro forma IPOs are more likely to occur in the service industry and increase significantly during the Internet bubble period (1999-2000). I also find that pro forma IPO firms are more mature than non-pro forma IPO firms and pro forma transactions are more likely to occur during the IPO year and related to mergers and acquisitions. Finally, I find that pro forma earnings adjustment has, on average, an income-decreasing effect on historical GAAP earnings. A decomposition of pro forma earnings adjustment indicates that positive pro forma earnings adjustment is more likely associated with gross profit and selling, general & administrative (SG&A) expenses, and negative pro forma earnings adjustment is more likely associated with depreciation and amortization (D&A) expenses.
520 $a Next I investigate the usefulness of pro forma earnings adjustment for IPO investors by examining its association with future financial performance, IPO equity value and future stock returns. I find that positive pro forma earnings adjustment is positively and significantly associated with future financial performance and IPO equity value but insignificantly associated with future stock returns. The result suggests that positive pro forma earnings adjustment is reliable to gauge the continuing effect of pro forma transaction on future firm performance and is priced by investors completely at the time of IPO. In comparison, I find that negative pro forma earnings adjustment is insignificantly associated with future financial performance but negatively and significantly associated with IPO equity value. The result suggests that negative pro forma earnings adjustment has poor quality to gauge the continuing effect of pro forma transaction and is priced by investors at the time of IPO. The regression result provides some evidence that investors' initial reaction to negative pro forma earnings adjustment is incomplete. The conclusion, however, is not supported by portfolio analysis.
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