Climate change disclosure and the information environment in the initial public offering market

被引：5

作者：

Chen, Jerry W. W. ^{[1
]}

Khoo, Eunice S. S. ^{[2
]}

Peng, Zihang ^{[3
]}

机构：

[1] Univ Auckland, Auckland, New Zealand

[2] Australian Natl Univ, Canberra, ACT, Australia

[3] Univ New South Wales, Sydney, NSW, Australia

来源：

ACCOUNTING AND FINANCE | 2023年 / 63卷

关键词：

analysts' forecasting properties; bid-ask spread; climate change disclo-sure; climate change risk; IPO underpricing; TEMPERATURE SHOCKS; INVESTMENT BANKING; FIRM-VALUE; IPO; RISK; MANAGEMENT; REPUTATION; SELECTION; AUDITOR; QUALITY;

D O I：

10.1111/acfi.13085

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether climate change disclosures in initial public offering (IPO) prospectuses affect the information environment in the IPO market. We find that climate change disclosures are associated with lower IPO underpricing. Further analyses reveal that reputable underwriters and the Securities Exchange Commission's Commission Guidance Regarding Disclosure Related to Climate Change enhance the information role of climate change disclosures in the IPO market. We demonstrate that firms with more extensive climate change disclosures provide stronger hedging benefits against climate change risks in the post-IPO period. Overall, our results support the crucial role of climate change disclosures in improving the information environment of the IPO market.

引用

页码：907 / 952

页数：46

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