Reviewing the Effect of Investors’ Behavioral Bias on IPO Return and the Roll of Earning Quality in Reducing this Effect

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KARAMI GHOLAMREZA; HASANI ABBAS

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Journal: FINANCIAL RESEARCH Year:2018 | Volume:19 | Issue:4 Page(s): 595-614

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Information Journal Paper

Title

Reviewing the Effect of Investors’ Behavioral Bias on IPO Return and the Roll of Earning Quality in Reducing this Effect

Author(s)

KARAMI GHOLAMREZA | HASANI ABBAS | Issue Writer Certificate

Keywords

Behavioral biasQ2

Earning qualityQ2

IPO returnsQ1

SkewednessQ2

Abstract

This study aims to investigate IPOs return from the Investors’ bias point of view. Moreover, we intend to examine the reducing effect of investors’ bias on IPOs return through Earning quality. We used the data from 93 companies of IPOs during 2007-2017 offered in TSE. We used Expected Skewedness as lottery preference measurement tool, and calculated IPOs return using BAH Return on a 7-day period. Modified Jones Accrual Quality model was used to measure Earning quality. The hypotheses were tested using pooled cross-sectional regression. Our findings showed that there is a direct relationship between the investors’ preference for Skewedness and IPOs return. Besides, Earning quality diminishes this effect. Results also showed that investors’ lottery preference has direct effects on IPOs return and more accounting quality in the year just before IPO, could reduce this Behavioral bias.

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APA: Copy

KARAMI, GHOLAMREZA, & HASANI, ABBAS. (2018). Reviewing the Effect of Investors’ Behavioral Bias on IPO Return and the Roll of Earning Quality in Reducing this Effect. FINANCIAL RESEARCH, 19(4 ), 595-614. SID. https://sid.ir/paper/91154/en

Vancouver: Copy

KARAMI GHOLAMREZA, HASANI ABBAS. Reviewing the Effect of Investors’ Behavioral Bias on IPO Return and the Roll of Earning Quality in Reducing this Effect. FINANCIAL RESEARCH[Internet]. 2018;19(4 ):595-614. Available from: https://sid.ir/paper/91154/en

IEEE: Copy

GHOLAMREZA KARAMI, and ABBAS HASANI, “Reviewing the Effect of Investors’ Behavioral Bias on IPO Return and the Roll of Earning Quality in Reducing this Effect,” FINANCIAL RESEARCH, vol. 19, no. 4 , pp. 595–614, 2018, [Online]. Available: https://sid.ir/paper/91154/en

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