{"id":{"repo_id":"arizona-thes","oai_identifier":"oai:repository.arizona.edu:10150/556239"},"canonical_url":"https://search.dev.ndltd.org/etd/arizona-thes/oai:repository.arizona.edu:10150/556239","repository":{"repo_id":"arizona-thes","name":"University of Arizona","base_url":"https://repository.arizona.edu/oai/request"},"display":{"title":"Peer Accounting Information and the Use of Peer-based Multiples for IPO Valuation","abstract":"Initial public offerings (IPOs) are primarily valued using the comparable firms approach, whereby underwriters rely heavily on multiples based on the accounting information of peer firms. Effective use of the comparable firms approach depends significantly on the underwriter's ability to estimate the expected future growth and profitability of the IPO firm and its peers and make appropriate adjustments to the multiples to arrive at a final offer price for the IPO shares. I find evidence that, in general, IPO valuations are decreasing relative to peers in the similarity of the peer group to the IPO firm, but this effect is moderated by the peer group's accruals quality. These findings suggest that when peers are similar to the IPO firm, underwriters make less adjustments to the final offer price, however, higher peer accruals quality may ease the assessment of differences in growth and profitability, facilitating further adjustments.","abstract_html":"Initial public offerings (IPOs) are primarily valued using the comparable firms approach, whereby underwriters rely heavily on multiples based on the accounting information of peer firms. Effective use of the comparable firms approach depends significantly on the underwriter's ability to estimate the expected future growth and profitability of the IPO firm and its peers and make appropriate adjustments to the multiples to arrive at a final offer price for the IPO shares. I find evidence that, in general, IPO valuations are decreasing relative to peers in the similarity of the peer group to the IPO firm, but this effect is moderated by the peer group's accruals quality. These findings suggest that when peers are similar to the IPO firm, underwriters make less adjustments to the final offer price, however, higher peer accruals quality may ease the assessment of differences in growth and profitability, facilitating further adjustments.","abstract_has_math":false,"creators":["Brushwood, James Darrach"],"institution":"The University of Arizona.","degree_name":"Ph.D.","degree_level":"doctoral","degree_discipline":"Graduate College","degree_department":null,"school":null,"contributors":[],"advisors":["Dhaliwal, Dan S."],"committee_chairs":[],"committee_members":["Dhaliwal, Dan S.","Neamtiu, Monica","Sunder, Jayanthi"],"year":2015,"date_issued":"2015","date_published":"2015","updated_at":"2026-07-24T00:57:10Z","subjects":["Earnings","Initial Public Offering","Peer Accounting","Accounting"],"languages":["en_US"],"rights":["Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author."],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/10150/556239","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Dhaliwal, Dan S."]},{"key":"dc:contributor.committeemember","label":"Committee Member","values":["Dhaliwal, Dan S.","Neamtiu, Monica","Sunder, Jayanthi"]},{"key":"dc:creator","label":"Author","values":["Brushwood, James Darrach"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2015-06-03T22:54:06Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2015-06-03T22:54:06Z"]},{"key":"dc:date.issued","label":"Date","values":["2015"]},{"key":"dc:publisher","label":"Institution","values":["The University of Arizona."]},{"key":"dc:type","label":"Dc Type","values":["text","Electronic Dissertation"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Graduate College","Accounting"]},{"key":"thesis:degree_level","label":"Degree Level","values":["doctoral"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Arizona"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Earnings","Initial Public Offering","Peer Accounting","Accounting"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["en_US"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author."]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/10150/556239"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["Initial public offerings (IPOs) are primarily valued using the comparable firms approach, whereby underwriters rely heavily on multiples based on the accounting information of peer firms. Effective use of the comparable firms approach depends significantly on the underwriter's ability to estimate the expected future growth and profitability of the IPO firm and its peers and make appropriate adjustments to the multiples to arrive at a final offer price for the IPO shares. I find evidence that, in general, IPO valuations are decreasing relative to peers in the similarity of the peer group to the IPO firm, but this effect is moderated by the peer group's accruals quality. These findings suggest that when peers are similar to the IPO firm, underwriters make less adjustments to the final offer price, however, higher peer accruals quality may ease the assessment of differences in growth and profitability, facilitating further adjustments."]},{"key":"dc:title","label":"Title","values":["Peer Accounting Information and the Use of Peer-based Multiples for IPO Valuation"]}]}],"canonical_facts":{"dc:contributor.advisor":["Dhaliwal, Dan S."],"dc:contributor.committeemember":["Dhaliwal, Dan S.","Neamtiu, Monica","Sunder, Jayanthi"],"dc:creator":["Brushwood, James Darrach"],"dc:date.accessioned":["2015-06-03T22:54:06Z"],"dc:date.available":["2015-06-03T22:54:06Z"],"dc:date.issued":["2015"],"dc:description.abstract":["Initial public offerings (IPOs) are primarily valued using the comparable firms approach, whereby underwriters rely heavily on multiples based on the accounting information of peer firms. Effective use of the comparable firms approach depends significantly on the underwriter's ability to estimate the expected future growth and profitability of the IPO firm and its peers and make appropriate adjustments to the multiples to arrive at a final offer price for the IPO shares. I find evidence that, in general, IPO valuations are decreasing relative to peers in the similarity of the peer group to the IPO firm, but this effect is moderated by the peer group's accruals quality. These findings suggest that when peers are similar to the IPO firm, underwriters make less adjustments to the final offer price, however, higher peer accruals quality may ease the assessment of differences in growth and profitability, facilitating further adjustments."],"dc:identifier.uri":["http://hdl.handle.net/10150/556239"],"dc:language.iso":["en_US"],"dc:publisher":["The University of Arizona."],"dc:rights":["Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author."],"dc:subject":["Earnings","Initial Public Offering","Peer Accounting","Accounting"],"dc:title":["Peer Accounting Information and the Use of Peer-based Multiples for IPO Valuation"],"dc:type":["text","Electronic Dissertation"],"thesis:degree_discipline":["Graduate College","Accounting"],"thesis:degree_level":["doctoral"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Arizona"]},"updated_at":"2026-07-24T00:57:10Z"}