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Private Equity and Venture Capital Earnings Management in Ipos. Sample from Brazil (2000-2015).

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Private Equity and Venture Capital Earnings Management in Ipos. Sample from Brazil (2000-2015)./
Author:	de Meij, Clemens.
Description:	1 online resource (31 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-11.
Contained By:	Masters Abstracts International85-11.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798382373164

Private Equity and Venture Capital Earnings Management in Ipos. Sample from Brazil (2000-2015).
de Meij, Clemens.

Private Equity and Venture Capital Earnings Management in Ipos. Sample from Brazil (2000-2015). - 1 online resource (31 pages)

Source: Masters Abstracts International, Volume: 85-11.

Thesis (M.A.)--Universidade NOVA de Lisboa (Portugal), 2019.

Includes bibliographical references

This report will take in consideration the paper "Venture capital and earnings management in IPOs" written by Sabrina P. Ozawa Gioielli, Antonio Gledson de Carvalho and Joelson Oliveira Sampaio. The paper has been published in 2013 by Brazilian Business Review and investigate the earnings management in IPOs and the role of private equity and venture capital. EM is a purposeful intervention in the external financial reporting process with any intention other than to represent the reality intrinsic to the business. EM is important especially at the time of an IPO because if the earnings were artificially inflated, investors who are unaware of this can be leading to pay an artificially high price. The paper shows that, when analyzed the EM for PEVC and non-PEVC sponsored firms should be treated as different samples: of one split the samples, R-squared increases drastically for both subsamples. In the paper, the IPOs sponsored by PEVC the EM is marginal because is mostly related to firms' characteristics and little related to the phases of the IPOs. In the other hand, for non-PEVC sponsored IPOs, EM is significant because is mostly related to the phases of the IPOs and little related to firms' characteristics. The paper concludes doing a general analysis of the several studies concerning the EM at the time of public offering, using annual data and investigating the behavior of EM in four two-quarter phases: pre-IPO, IPO, lock-up and post lock-up. Estimating EM for each eight quarters and indicating that EM occurs mainly in the IPO phase. The aim of this paper is to analyze the earnings management (EM) in IPOs and the role of private equity or venture capital in hampering such practice, compering the results of mine research and results with the paper mentioned above. In terms of sample data, in order to analyze the EM, I will take a larger period of time (2000-2015) than suggest by the paper above (2004-2010), and more quarters, going from 6 of the paper mentioned to 12, the number of quarters that I will use in my sample. To wrap up, in this 4 paper I will analyze the EM in IPOs baked by PEVC and non-PEVC, compare the results, and see the differences between this report and the other in terms of outcomes.This paper is organized as follows: Section 2 makes a presentation of the Brazilian Private Equity and Venture Capital industry. Section 3 describes the Data and variables used: measures of EM, phases of the IPO, other explanatory variables, mine sample description and basics descriptive statistics. Section 4 explains the hypotheses, regressions models and treatment for endogenous choice of PEVC investments. Section 5 presents empirical results. Finally, Section 6 concludes the paper.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382373164Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Private Equity and Venture Capital Earnings Management in Ipos. Sample from Brazil (2000-2015).
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502 $a Thesis (M.A.)--Universidade NOVA de Lisboa (Portugal), 2019.
504 $a Includes bibliographical references
520 $a This report will take in consideration the paper "Venture capital and earnings management in IPOs" written by Sabrina P. Ozawa Gioielli, Antonio Gledson de Carvalho and Joelson Oliveira Sampaio. The paper has been published in 2013 by Brazilian Business Review and investigate the earnings management in IPOs and the role of private equity and venture capital. EM is a purposeful intervention in the external financial reporting process with any intention other than to represent the reality intrinsic to the business. EM is important especially at the time of an IPO because if the earnings were artificially inflated, investors who are unaware of this can be leading to pay an artificially high price. The paper shows that, when analyzed the EM for PEVC and non-PEVC sponsored firms should be treated as different samples: of one split the samples, R-squared increases drastically for both subsamples. In the paper, the IPOs sponsored by PEVC the EM is marginal because is mostly related to firms' characteristics and little related to the phases of the IPOs. In the other hand, for non-PEVC sponsored IPOs, EM is significant because is mostly related to the phases of the IPOs and little related to firms' characteristics. The paper concludes doing a general analysis of the several studies concerning the EM at the time of public offering, using annual data and investigating the behavior of EM in four two-quarter phases: pre-IPO, IPO, lock-up and post lock-up. Estimating EM for each eight quarters and indicating that EM occurs mainly in the IPO phase. The aim of this paper is to analyze the earnings management (EM) in IPOs and the role of private equity or venture capital in hampering such practice, compering the results of mine research and results with the paper mentioned above. In terms of sample data, in order to analyze the EM, I will take a larger period of time (2000-2015) than suggest by the paper above (2004-2010), and more quarters, going from 6 of the paper mentioned to 12, the number of quarters that I will use in my sample. To wrap up, in this 4 paper I will analyze the EM in IPOs baked by PEVC and non-PEVC, compare the results, and see the differences between this report and the other in terms of outcomes.This paper is organized as follows: Section 2 makes a presentation of the Brazilian Private Equity and Venture Capital industry. Section 3 describes the Data and variables used: measures of EM, phases of the IPO, other explanatory variables, mine sample description and basics descriptive statistics. Section 4 explains the hypotheses, regressions models and treatment for endogenous choice of PEVC investments. Section 5 presents empirical results. Finally, Section 6 concludes the paper.
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