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Do IPOs bear more severe legal consequences of accounting misstatements?
Journal of Accounting and Public Policy ( IF 3.629 ) Pub Date : 2022-02-16 , DOI: 10.1016/j.jaccpubpol.2022.106945
Biyu Wu 1
Affiliation  

I compare litigation frequency and outcomes associated with restated IPO prospectus financial statements and a matched sample of restated non-IPO financial statements. I find that investors are 8.4% more likely to sue IPO companies than non-IPO companies for misreporting and, more importantly, that the higher litigation rate in IPOs stems from companies with error-type restatements. In addition, I find that IPO suits are more likely to be settled than non-IPO suits. Overall, these results are consistent with plaintiff attorneys’ incentives driving the filing of lawsuits and provide direct evidence that IPO companies face more severe litigation consequences of accounting misstatements than non-IPO companies.

Data Availability: Data are available from the public sources cited in the text.



中文翻译:

首次公开募股是否会因会计错报承担更严重的法律后果?

我比较了与重述的 IPO 招股说明书财务报表和重述的非 IPO 财务报表匹配样本相关的诉讼频率和结果。我发现投资者起诉 IPO 公司的可能性比非 IPO 公司的误报率高 8.4%,更重要的是,IPO 中较高的诉讼率源于错误类型重述的公司。此外,我发现 IPO 诉讼比非 IPO 诉讼更有可能和解。总体而言,这些结果与原告律师推动提起诉讼的动机一致,并提供了直接证据表明 IPO 公司比非 IPO 公司面临更严重的会计错报诉讼后果。

数据可用性:数据可从文中引用的公共来源获得。

更新日期:2022-02-16
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