Divergent Opinions in the Pre-Issue Market and the Pricing of Initial Public Offerings [PDF]
, 2008 Investors in an initial public offering (IPO) face a lack-of-information problem: They have to guess the new stock’s aftermarket price. This problem poses a risk when there is no consensus in investors’ pre-issue opinions and the risk is greater when ...
Qi, R, Zhou, X
core +1 more source
On the valuation implications of unbundled disclosure
Contemporary Accounting Research, EarlyView.Abstract Firms with multiple pieces of information can disclose the information concurrently (bundled disclosure) or sequentially (unbundled disclosure). This paper examines the pricing implications of (un)bundled disclosure in a rational expectations equilibrium model.
Xue Jia, Jeroen Suijs
wiley +1 more source
IPOs cycle and investment in high-tech industries [PDF]
, 2003 This paper analyses the effects of the Initial Public Offering (IPO) market on real investment decisions in emerging industries. We first propose a model of IPO timing based on divergence of opinion among investors and short-sale constraints.
Bouis, Romain
core
Top Executives with Academic Work Experience, Stakeholder‐friendly Engagement, and Firm Value
Abacus, EarlyView.We study the role of top executives’ prior academic work experience in stakeholder‐oriented activities and related capital market benefits. Analyzing data from China, we demonstrate that firms managed by top executives with academic work experience have higher stakeholder‐friendly engagement scores than those without.
Zhe Li, Xinrui Liu
wiley +1 more source
Earnings Management by Russian Сompanies at the Initial Public Offering
Финансы: теория и практика, 2019 The article discloses the issues related to the manipulation of earnings (earnings management) by Russian companies at the initial public offering (the initial public offering, hereinafter IPO).
E. D. Nikulin, A. A. Sviridov
doaj +1 more source
PENGARUH STRUKTUR DEWAN TERHADAP HARGA SAHAM PADA SAAT IPO (STUDI EMPIRIS PADA PERUSAHAAN YANG MELAKUKAN IPO DI INDONESIA PERIODE 2004-2013) [PDF]
, 2015 Seiring berkembangnya pasar modal di Indonesia, perusahaan yang melakukan Initial Public Offering (IPO) semakin meningkat. Akan tetapi fenomena yang sering terjadi dalam initial public offering adalah harga penawaran yang ...
Hapsari, Riska
core
Co‐opted Boards and the Obfuscation of Financial Reports
Abacus, EarlyView.This study investigates the relationship between board co‐option and the obfuscation of financial disclosures in a comprehensive sample of 9,620 10‐K filings by 1,076 US‐listed firms between 1996 and 2018. Our empirical results are consistent with our hypotheses that board co‐option partly explains the obfuscation of financial reports.
Abongeh A. Tunyi +3 more
wiley +1 more source
Analisis Reaksi Pasar Modal Setelah Pengumuman Initial Public Offering (Ipo) Pada Perusahaan Yang Terdaftar Di Bursa Efek Jakarta [PDF]
, 2010 Stock exchange is a means to acquire capital and accumulate funds, therefore it is important in improving the public's participation in generating fund so as to support the national development.
Idrus, M. S. (M) +2 more
core
Abacus, EarlyView.Initial public offering (IPO) underpricing, driven by information asymmetry, is a prevalent and serious global phenomenon. In addition to the influence of information providers such as IPO firms, investors’ ability to acquire information may also significantly affect IPO underpricing.
Haipeng Yu +3 more
wiley +1 more source
Takeover defenses and IPO firm value in the Netherlands [PDF]
The central question of this study involves the relation between the use of takeover defenses and IPO firm value. We report that management frequently uses takeover defenses before taking the firm public.
Goot, T. van der, Roosenboom, P.G.J.
core +1 more source