Does Earnings Management Explain the Performance of Canadian Private Placements of Equity?
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Bibliographic record
Abstract
<h3>Abstract</h3> Using a sample of 434 Canadian private placements of equity (PPEs) that occurred from 1996 to 2005, we first examine the long-run performance following PPEs, and secondly, we analyze the earnings management hypothesis. We find that Canadian PPEs do underperform on a calendar-time basis as well as on event-time basis. We also find that most aggressive earnings management firms issue larger offerings than most conservative ones but post the worst long term performance. The result for the most aggressive quartile is consistent with the over-optimism hypothesis. However, we find that private placements issuers unlike public issuers are less inclined to manage earnings around the time of the offering. <b>TOPICS:</b>Private equity, statistical methods, developed, factor-based models
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.003 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it