Most initial public offerings (IPOs) feature share lockup agreements, which prohibit insiders from selling their shares for a specified period of time following the IPO. However, some IPO firms agree to have a much longer lockup period than other IPO firms, and some are willing to lockup a much larger proportion of shares. Thus, the primary research question for this study is: "What are the reasons for the divergence of the lockup agreements?" The two main hypotheses that this dissertation investigates are the signaling hypothesis based on information asymmetry, and the commitment hypothesis based on agency theory. This study uses methods that have not been applied by previous studies in the literature relating to IPO lockups. First, I directly use IPO firms operating performance as a proxy for firm quality. The results show neither a negative nor a strong positive relationship between lockup length and firm operating performance. Thus, based on operating performance, the evidence does not support the agency hypothesis while showing weak support for the signaling hypothesis. I then examine the long-run returns for IPO firms with different lockup lengths. I find that firms with short lockup lengths have much better long-run returns than firms with long lockup lengths. Therefore, the results reject the signaling hypothesis while supporting the agency hypothesis. This dissertation further contributes to the IPO long-run underperformance literature by showing that firms with a high agency problem have much worse long-run returns than those with a low agency problem. Finally, I investigate the short-term stock returns around lockup expiry. Generally, I find that firms with short lockup periods experience better stock returns around lockup expiry than firms with long lockup periods, though the returns are not significantly different from one another. Overall, I conclude that the results reject the signaling hypothesis while partially supporting the agency hypothesis. In addition, I show that firms with high agency problems have much worse stock returns than those with low agency problems around lockup expiry, even though the agency variable is not significant in the regression analysis.

Bankruptcy is a highly significant worldwide problem with high social costs. Traditional bankruptcy risk models have been criticized for falling short with respect to bankruptcy theory building due to either modeling assumptions or model complexity. Genetic programming minimizes the amount of a priori structure that is associated with traditional functional forms and statistical selection procedures, but still produces easily understandable and implementable models. Genetic programming was used to analyze 28 potential bankruptcy variables found to be significant in multiple prior research studies, including 10 fraud risk factors. Data was taken from a sample of 422 bankrupt and non-bankrupt Norwegian companies for the period 1993-1998. Six variables were determined to be significant. A genetic programming model was developed for the six variables from an expanded sample of 1136 bankrupt and non-bankrupt Norwegian companies. The model was 81% accurate on a validation sample, slightly better than prior genetic programming research on US public companies, and statistically significantly better than the 77% accuracy of a traditional logit model developed using the same variables and data. The most significant variable in the final model was the prior auditor opinion, thus validating the information value of the auditor's report. The model provides insight into the complex interaction of bankruptcy related factors, especially the effect of company size. The results suggest that accounting information, including the auditor's evaluation of it, is more important for larger than smaller firms. It also suggests that for small firms the most important information is liquidity and non-accounting information. The genetic programming model relationships developed in this study also support prior bankruptcy research, including the finding that company size decreases bankruptcy risk when profits are positive. It also confirms that very high profit levels are associated with increased bankruptcy risk even for large companies an association that may be reflecting the potential for management to be "Cooking the Books".

In accordance with the Texas Higher Education Coordinating Boards’ Closing the Gaps by 2015, this research study analyzed self-reported perceptions about college-going culture from students (n = 151) who attended four House Bill 400 schools serving Latino and African American communities in the Dallas-Fort Worth Metroplex. This study utilized exploratory factor analysis (EFA) with a maximum likelihood extraction technique to identify hidden perceptions (latent factors) that account for common variance among student perceptions about college-going culture. The study also tested the validity and inter-item reliability of the 15-item College-Going Culture Survey used in data collection. The parallel analysis, EFA, and Cronbach’s ? identified two latent factors of Verified College Potential (? = .70) and College Capital Awareness (? = .71) that, together, explained 40.1% of students’ perceptions. The two factors were non-significantly negatively correlated (r = -.495, p = .354). By utilizing the two latent constructs, a 10-item revised College-Going Culture Survey is recommended to improve the inter-item reliability coefficient from ? = .46 to ? = .77. Descriptive statistics revealed that Latino and African-American students affirmed aspects of the college-going culture at HB 400 schools. However, latent factors suggest the possibility that students who reportedly feel most encouraged to attend college (Verified College Potential) may tend to be least aware of the actual logistics of college such as admissions processes and financial aid (College Capital Awareness) and that, conversely, those with the most logistical knowledge may tend to feel least encouraged.

No description available.

Under the going-concern concept, an entity is assumed to be a going concern when it is able and willing to continue operations in the foreseeable future. Although substantial agreement exists as to the meaning and role of the going-concern concept, it is difficult to make going-concern assessments in the course of an audit. In particular, existing auditing guidelines contained in SAS No. 34 are inadequate and existing going-concern prediction models are flawed. In view of this, the objective of the dissertation is to construct a going-concern prediction model (hereafter called the Koh model) that is based upon improved statistical techniques and methodology. A sample of 165 companies that filed for bankruptcy during the period 1980 to 1985 and a matched sample of 165 non-bankrupt companies are used to construct and test the Koh model. Following the lead taken by the proposed SAS on going-concern assessments, a non-going concern is operationalized as a bankrupt company. For each of the sample companies, six financial ratios as specified by the proposed theory of bankruptcy are obtained. Probit analysis with the weighted exogenous sample maximum likelihood procedure is used to estimate the coefficients of the Koh model. Using the Lachenbruch U method, the hold-out accuracy rates of the Koh model are computed. They are 85.45% for non-going concerns, 100.00% for going concerns, and 99.91% overall. With these accuracy rates, the Koh model compares favorably with other going-concern prediction models suggested in the literature and the auditors. The effects of misclassification costs of Type I and Type II errors on the Koh model are also considered. It is found that the optimal cut-off probability for the Koh model is very insensitive to varying relative misclassification costs. Coupled with its high predictive ability and stability, the Koh model can be an effective prediction model, analytical tool, and defensive device for auditors. Further, the methodology developed and employed in the dissertation can contribute to the current state-of-the-art in constructing prediction models such as going-concern or bankruptcy prediction models, takeover/acquisition prediction models, and loan default prediction models. / Ph. D.

Yes / Older people have an increased risk of falling during locomotion, with falls on stairs being particularly common and dangerous. Step going (i.e., the horizontal distance between two consecutive step edges) defines the base of support available for foot placement on stairs, as with smaller going, the user's ability to balance on the steps may become problematic. Here we quantified how stair negotiation in older participants changes between four goings (175, 225, 275, and 325 mm) and compared stair negotiation with and without a walking approach. Twenty-one younger (29 ± 6 years) and 20 older (74 ± 4 years) participants negotiated a 7-step experimental stair. Motion capture and step-embedded force platform data were collected. Handrail use was also monitored. From the motion capture data, body velocity, trunk orientation, foot clearance and foot overhang were quantified. For all participants, as stair going decreased, gait velocity (ascent pA = 0.033, descent pD = 0.003) and horizontal step clearance decreased (pA = 0.001), while trunk rotation (pD = 0.002) and foot overhang increased (pA,D < 0.001). Compared to the younger group, older participants used the handrail more, were slower across all conditions (pA < 0.001, pD = 0.001) and their foot clearance tended to be smaller. With a walking approach, the older group (Group x Start interaction) showed a larger trunk rotation (pA = 0.011, pD = 0.015), and smaller lead foot horizontal (pA = 0.046) and vertical clearances (pD = 0.039) compared to the younger group. A regression analysis to determine the predictors of foot clearance and amount of overhang showed that physical activity was a common predictor for both age groups. In addition, for the older group, medications and fear of falling were found to predict stair performance for most goings, while sway during single-legged standing was the most common predictor for the younger group. Older participants adapted to smaller goings by using the handrails and reducing gait velocity. The predictors of performance suggest that motor and fall risk assessment is complex and multifactorial. The results shown here are consistent with the recommendation that larger going and pausing before negotiating stairs may improve stair safety, especially for older users. / This study was supported by the New Dynamics of Aging (RES-356-25-0037).

This study considered the school effects of college going behavior for rural students. Of interest were the effects of location and college-going culture within a given school. The research questions asked, included: 1. What are the effects of rural school location and college-going culture on public high school graduation? 2. What are the effects of rural school location and college-going culture on college enrollment? 3. For the public high school graduates who enrolled in college, what are the effects of rural school location and college-going culture on the control structure of the college program enrolled? 4. For the public high school graduates who enrolled in college, what are the effects of rural school location and college-going culture on type of college program enrolled (two-year vs. four-year)?> 5. For the public high school graduates who enrolled in college, what are the effects of rural school location and college-going culture on full-time vs. part-time enrollment? The study used data from the HSLS:09 survey. The data was analyzed using Hierarchical Generalized Linear Modeling. This study found that the odds of attending college decreased 18.7% for rural students. There was also a 4.8% decrease in the odds of college enrollment by students from majority White high schools. School's with high mean GPA's were more likely to have students graduate from high school, enroll in college, and attend 4-year institutions. High rates of school problems negatively affected students and demonstrated decreased odds of high school graduation and college enrollment. The role of counselors had demonstrated effects on students. Schools with counseling offices that focused a high number of hours on college counseling increase the odds their students graduate would from high school and attend a 4-year institution. Students attending high schools with a college counselor dedicated to college applications were 4.30 times more likely to attend a not-for-profit institution than a for-profit institution. / Ph. D. / This study looks at the influence the high school students attend on their college going behavior. Using data from a national survey, it seeks to answer whether the high school a student attends influences their high school graduation, enrollment in college, and what type of college that student chooses to attend.

Bakgrund Av bolag som omfattas av frivillig revision väljer 75 procent bort revision trots att den genomsnittliga kostnaden endast uppgår till 10 000 SEK per år för mindre bolag. Syftet med avskaffandet av revisionsplikten år 2010 var att minska småbolagens kostnader för att på så sätt underlätta verksamhetsdriften. Trots att forskning visar att revisorn hjälper till att förbättra och utveckla bolaget väljer majoriteten av bolagen bort den externa kompetensen om möjlighet finns. Resursberoendeteorin säger samtidigt att revisorn är en värdefull resurs som är nödvändig för småbolags överlevnad. Syfte Denna uppsats syftar till att förklara sambandet mellan revision och risken för konkurs för småbolag. Metod Denna kvantitativa studie utgår från en deduktiv ansats. Hypoteser har formulerats med utgångspunkt i resursberoendeteori. En tvärsnittsdesign används med syfte att undersöka risken för konkurs vid en viss tidpunkt. Det empiriska underlaget utgörs av sekundärdata. Slutsats Det finns ett negativt samband mellan revision och risken för konkurs bland svenska småbolag. Revisorn minskar risken för konkurs med 10,42 % varför revision bör ses som en nödvändig resurs för småbolagens överlevnad. / Introduction Despite the fact that the average cost of auditing for SMEs only amounts to 10 000 SEK per year, 75 percent of the SMEs refrain from voluntary audit. The purpose of the abolition of mandatory audit in 2010 was to reduce costs for SMEs in order to benefit their operations. Although research has shown that the auditor helps to improve and develop the company, the majority of the SMEs in Sweden refrains from this external resource. At the same time, according to resource dependence theory, the auditor is a valuable resource that is essential for SMEs. Purpose This study seeks to explain the relationship between auditing and the risk of bankruptcy for SMEs. Method This quantitative study is based on a deductive approach, where hypotheses have been formulated on the basis of resource dependence theory. A cross-sectional design is used in order to study the risk of bankruptcy at a given time. The empirical data consists of archival data. Conclusion There is a negative relationship between auditing and the risk of bankruptcy among SMEs in Sweden. The auditor reduces the risk of bankruptcy with 10.42 %. Hence, the auditor should be seen as essential for the survival of SMEs.

Antagandet om fortsatt drift utgör den grundläggande princip som skall tillämpas då företag värderar sina tillgångar. Om det föreligger osäkerhetsfaktorer beträffande företagets förmåga att fortleva under en överskådlig framtid ger däremot inte värderingen en rättvisande bild och skall därför frångås. Vidare skall revisorn, som en del i granskningen, beakta företagets fortsatta levnadsförmåga och vid tvivel om den framtida existensen skall en anmärkning göras i revisionsberättelsen. I och med att det är en förutsägelse om framtiden är det dock ett av de svåraste ställningstaganden en revisor måste göra. Tidigare studier indikerar på att företag, trots tilldelad going-concern varning (GC-varning), fortlever i cirka 90 procent av fallen. Bland de resterande tio procenten, som torde utgöra korrekta bedömningar, finns det dessutom forskare som hävdar att varningen fungerar självförverkligande och påskyndar, eller rent av orsakar konkursen. Andra forskare redovisar emellertid belägg för att en självuppfyllande profetia inte alls existerar. Bristande empiriskt material finns dock rörande det faktum att det skulle vara företagsspecifikt huruvida GC-varningen tenderar att utfalla. Aktuell studie ämnar ge ett bidrag till denna kunskapslucka genom att undersöka, och således erhålla kunskap om, faktorer som påverkar ett företags levnadstillstånd efter tilldelad GC-varning. Sammankopplade resultat från tidigare studier indikerar på att ålder, kapitalstruktur, bolagsstruktur, nettoomsättningsstorlek samt storlek på reviderande byrå kan antas vara påverkande faktorer. Genom statistisk hypotesprövning, baserad på data från företagens årsredovisningar, undersöktes korrelationen mellan dessa faktorer och levnadsstatus. Urvalet bestod av aktiebolag som sin enda eller allvarligaste anmärkning erhållit en GC-varning för första gången 2012. Efter viss bortsållning kom 188 bolag att utgöra studiens urval. Resultaten påvisade att de bolag, inkluderade i aktuell studie, som fortlevde var äldre, hade lägre total skuldandel, tillhörde en koncern samt blev granskade av en större revisionsbyrå 2012. I motsats till vad hypotesen predikterade hade de också högre räntebärande skuldandel. Avseende nettoomsättningens storlek uppvisades ingen nämnvärd skillnad mellan grupperna. I många fall var emellertid differenserna för små, med hänsyn till den stora variation som förelåg, för att med statistisk säkerhet fastställa skillnaderna. Den enda slutsats som kan generaliseras är att koncernbolag med högre räntebärande skuldandel fortlever i större utsträckning. / The accounting is prepared with the assumption that the companies will continue as a going concern. However, the principle will be waived if the assumption is unwarranted. The auditor will, as part of the examination, consider the companies' living ability. If the auditor is in doubt about the companies' going concern, they are obligated to report it in the audit report. Due to the fact it is an assessment about future events, it is one of the most difficult parts for an auditor to consider. Recent research indicates that 90 percent of the companies receiving a going concern-warning (GCW) do not subsequently fail. Among the remaining ten percent, which should compose correct judgements, some researchers claim that the warning is self-fulfilling and accelerates or even causes the bankruptcy. On the other hand, there are also researchers who report that no such self-fulfilling prophecy exists. Limited empirical material exists concerning the fact that it may be specific for each company whether it survives or ceases after receiving a GCW, a gap that this paper aims to fill. The aim will be met by investigating, and thus obtain knowledge about, factors that affect a company's state of living after receiving a GCW. Merged results from recent research indicate that age, capital structure, company structure, net sales and size of the auditing firm are influencing factors. By statistical hypothesis testing, based on data from the companies' annual reports, the correlation between these factors and life status was investigated. The sample consisted of limited companies which, as its only or most serious remark, received a GCW for the first time in 2012. After some screening, 188 companies were left to constitute the sample of the study. The obtained results were that the companies which continued as a going concern, were older, had lower debt to total asset ratio, belonged to a concern and were audited by a big audit firm in 2012. Opposite to predicted hypotheses, they also had higher interest-bearing debt to total asset ratio. No difference of matter was discerned regarding net sales. However, in many cases the differences were too small to statistically prove the differences, given the large variation which existed. The only conclusion that can be generalized is that group companies with higher interest-bearing debt to total asset ratio continue as a going concern to a greater extent.

Zhu Yuande. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 83-87). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- Introduction --- p.1 / Chapter CHAPTER 2 --- Review of Theories and Literature --- p.4 / Chapter 2.1 --- Theoretical Explanations for IPO Underpricing: --- p.4 / Chapter 2.2 --- Empirical Studies Review on China's IPOs --- p.9 / Chapter CHAPTER 3 --- Introduction of China's IPO Market --- p.13 / Chapter 3.1 --- Chinese Securities Regulatory Commission (CSRC) --- p.13 / Chapter 3.2 --- How to Price and Distribute IPOs --- p.15 / Chapter 3.3 --- Valuing IPOs and Setting Base Price --- p.24 / Chapter 3.4 --- Conclusion of This Chapter --- p.26 / Chapter CHAPTER 4 --- Empirical Results and Analysis of Chinese IPO Pricing --- p.27 / Chapter 4.1 --- The Data and Research Methodology --- p.27 / Chapter 4.2 --- The Regression Results and Discussion --- p.29 / Chapter 4.3 --- Conclusion of This Chapter --- p.34 / Chapter CHAPTER 5 --- Theoretical Explanations of Underpricing Based on Chinese IPO Behaviors --- p.35 / Chapter 5.1 --- The Optimal Underpricing in China's Stock Market --- p.35 / Chapter 5.2 --- Empirical Tests on Some Theories --- p.38 / Chapter 5.21 --- Signaling Model --- p.38 / Chapter 5.22 --- The Impact of Underwriters --- p.45 / Chapter 5.23 --- Winner's Curse Test --- p.46 / Chapter 5.24 --- Extensive Presale Theory --- p.48 / Chapter CHAPTER 6 --- Empirical Results and Analysis of Underpricing in China's Market --- p.54 / Chapter 6.1 --- Underpricing in A-Share Market --- p.54 / Chapter 6.11 --- Survey of Underpricing --- p.54 / Chapter 6.12 --- Empirical Results on A-Share IPO Underpricing --- p.56 / Chapter 6.13 --- Conclusion of This Part --- p.66 / Chapter 6.2 --- Underpricing in B-share Market --- p.66 / Chapter 6.21 --- Survey of Underpricing --- p.66 / Chapter 6.22 --- Empirical Results on the B-share Market --- p.70 / Chapter 6.23 --- Conclusion of This Part --- p.77 / Chapter CHAPTER 7 --- Further Development of Chinese Stock Market --- p.78 / Chapter 7.1 --- Defects in Chinese Stock Market --- p.78 / Chapter 7.2 --- Further Development for Reducing Underpricing --- p.79 / Chapter CHAPTER 8 --- Conclusion --- p.81 / REFERENCE --- p.83