Risk disclosure in IPO advertisement and the quality of the firm

被引：3

作者：

Katti, Supriya ^{[1
]}

Lawrence, Edward R. ^{[2
]}

Raithatha, Mehul ^{[3
]}

机构：

[1] Indian Inst Technol, Dept IME Bldg, Kanpur, India

[2] Florida Int Univ, Coll Business Adm, Dept Finance, RB 239A, Miami, FL 33199 USA

[3] Indian Inst Management, Finance & Accounting Area, Indore, India

来源：

JOURNAL OF FINANCIAL MARKETS | 2023年 / 64卷

关键词：

IPO; Risk disclosures; Quality of firm; Underpricing; IPO subscription; INITIAL RETURNS; INFORMATION; AUCTIONS; SENTIMENT; CONSERVATISM; OFFERINGS; REVISIONS; INVESTORS; PRICE;

D O I：

10.1016/j.finmar.2022.100789

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We compare the IPO issuing firms in India that disclose risk in their advertisements with the firms that do not disclose such risks and find 31% higher underpricing in firms that disclose risk. For the risk disclosing firms, we find a significantly higher subscription from institutional investors. The difference in the subscription from retail investors for the two groups of firms is insignificant. The firms that disclose risk in their ads have superior performance in the post IPO period as compared to the firms that do not disclose such risk.

引用

页数：18

共 50 条

[41] Corporate disclosure and firm value: do audit quality and foreign listing matter?
Kumar, Praveen
JOURNAL OF ACCOUNTING AND ORGANIZATIONAL CHANGE, 2024,
[42] Decoding the impact of firm-level ESG performance on financial disclosure quality
Ferdous, Lutfa Tilat
Rana, Tarek
Yeboah, Richard
BUSINESS STRATEGY AND THE ENVIRONMENT, 2025, 34 (01) : 162 - 186
[43] Information disclosure quality and firm value: empirical evidence for an emerging integrated market
Fernanda Restrepo, Luisa
Tellez-Falla, Diego
Godoy-Bejarano, Jesus
ACADEMIA-REVISTA LATINOAMERICANA DE ADMINISTRACION, 2022, 35 (03): : 345 - 365
[44] CEO power, disclosure quality and the variability of firm performance Evidence from China
Wu, Shinong
Quan, Xiaofeng
Xu, Liang
NANKAI BUSINESS REVIEW INTERNATIONAL, 2011, 2 (01) : 79 - 97
[45] Governance disclosure quality and firm performance: empirical evidence from an emerging economy
Ronoowah, Rishi Kapoor
Seetanah, Boopen
JOURNAL OF ACCOUNTING IN EMERGING ECONOMIES, 2025, 15 (01) : 176 - 200
[46] The effects of firm size, corporate governance quality, and bad news on disclosure compliance
Mike Ettredge
Karla Johnstone
Mary Stone
Qian Wang
Review of Accounting Studies, 2011, 16 : 866 - 889
[47] The effects of firm size, corporate governance quality, and bad news on disclosure compliance
Ettredge, Mike
Johnstone, Karla
Stone, Mary
Wang, Qian
REVIEW OF ACCOUNTING STUDIES, 2011, 16 (04) : 866 - 889
[48] The Impact of Consumer Attentiveness and Search Costs on Firm Quality Disclosure: A Competitive Analysis
Ghosh, Bikram
Galbreth, Michael R.
MANAGEMENT SCIENCE, 2013, 59 (11) : 2604 - 2621
[49] Cross-influence of information and risk effects on the IPO market: exploring risk disclosure with a machine learning approach
Xia, Huosong
Weng, Juan
Boubaker, Sabri
Zhang, Zuopeng
Jasimuddin, Sajjad M.
ANNALS OF OPERATIONS RESEARCH, 2024, 334 (1-3) : 761 - 797
[50] The effects of advertisement disclosure on heavy and light Instagram users
Zofia Saternus
Patrick Weber
Oliver Hinz
Electronic Markets, 2022, 32 : 1351 - 1372

← 1 2 3 4 5 →