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1、DoVentureCapitalistsInfluencetheDecisiontoManageEarningsinInitialPublicOfferings?SuzanneG.MorsfieldMorganStanley&Co.Incorporated*ChristineTanBaruchCollege—CUNYPleaseaddressallcorrespondenceto:ChristineE.L.TanBaruchCollege–CUNY17LexingtonAve,BoxB12-225NewYork,NY10010Christine_Tan@baruch.cuny.
2、eduPhone:6463123206Fax:6463123161Acknowledgements:WearegratefultoAshiqAli,SassonBar-Yosef,EliBartov,BillFelix,JohnHand,AprilKlein,KrishnaKumar,JoshuaLivnat,CarolMarquardt,BillRuland,BharatSarath,RichardTaffler,twoanonymousreviewers,andtoseminarparticipantsatthe2003AAAAnnualandMidwestmeetings
3、,BaruchCollege–CUNY,TheUniversityofMelbourne,theUniversityofMichigan–Dearborn,andNewYorkUniversityforhelpfulcomments.Inparticular,weareindebtedtoPatriciaDechow(theeditor)andSarahMcVayfortheirinvaluablefeedback.Wewouldalsoliketothankananonymousventurecapitalfundfordetailedinstitutionalinforma
4、tionanddiscussions.Allremainingerrorsareourownresponsibility.*Theviewsexpressedhereinaresolelytheviewsoftheauthor(s)anddonotexpresstheviewsofMorganStanley&Co.Incorporatedoritsaffiliates."DoVentureCapitalistsInfluencetheDecisiontoManageEarningsinInitialPublicOfferings?AbstractPriorstudiessugg
5、estthatVCsplayamonitoringrole.WepredictandfindthatIPO-yearabnormalaccrualsarelowerinthepresenceofVCsforasampleof2630IPOfirmsduring1983-2001.OurfindingsarerobusttocontrolsfortheendogenouschoiceofVCfinancing.WeconsistentlyfindthattheVCeffectholdsevenwhencontrollingforIPOlock-upprovisions,VCpar
6、tialcashingoutsubsequenttotheIPO,andalternativeproxiesforearningsmanagement.Inaddition,ourfindingsdonotsupporttheclaimsofcriticsthatVCsinflatedearningsduringtheinternetIPObubble.Finally,weprovidesomeevidencethatthelowerearningsmanagementassociatedwithVCmonitoringpartiallyexplainsthesuperiorp
7、ost-IPOreturnsofVC-backedfirms.Keywords:Earningsmanagement,Initialpublicofferings,VentureCapitalists,monitoringDataavailability:DataarepubliclyavailablefromsourcescitedinthestudyI.INTRODUCTIONThispapercontributestoseveralstreamsofresearchbyexaminin
