Dimovski, William; Kelly, Christopher - Deakin University, Faculty of Business and Law, School … - 2004
This paper follows Balvers, McDonald and Miller (1988) and Beatty (1989), who find lower underpricing in initial public offerings (IPOs) when prestigious auditors are used to attest to the IPO's financial statements. Australian IPOs are not obliged to nominate audit firms in the prospectus but...