Similar Search Results

Does Disclosure Regulation Work? Evidence from International IPO Markets

Shi, Charles - 2012

This study examines whether IPO disclosure requirements mandated by countries' securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show...

Persistent link: https://www.econbiz.de/10013112428

Does Auditing Shape Global Value Chains? Evidence from PCAOB Inspections

Liu, Sibo; Su, Lixin (Nancy); ZHU, Kevin - 2022

This study investigates how a financial market mechanism, auditing, shapes a firm's engagement in global value chains and product choice. We examine the effect of the Public Company Accounting Oversight Board's (PCAOB) inspections on non-U.S. auditors, which induce higher reporting quality of...

Persistent link: https://www.econbiz.de/10014082499

Auditor Reputation and Earnings Management : International Evidence from the Banking Industry

Kanagaretnam, Kiridaran (Giri) - 2015

We examine the relation between auditor reputation and earnings management in banks using a sample of banks from 29 countries. In particular, we examine the implications of two aspects of auditor reputation, auditor type and auditor industry specialization, for earnings management in banks. We...

Persistent link: https://www.econbiz.de/10013039074

Democracy and the Pricing of Initial Public Offerings around the World

Huu Nhan Duong; Goyal, Abhinav; Kallinterakis, Vasileios; … - 2021

We find a negative relation between democracy and initial public offering (IPO) underpricing for a sample of 23,050 IPOs across 45 countries. The effect of democracy on underpricing is weaker for IPOs audited by Big 4 auditing firms, backed by venture capital firms, and with better disclosure...

Persistent link: https://www.econbiz.de/10013219911

An International Look at the Lawsuit Avoidance Hypothesis of IPO Underpricing

Lin, Hui Ling - 2012

We examine the relationship between IPO underpricing and litigation risk in an international setting using a sample of … not find support for the lawsuit avoidance hypothesis, we find a significant positive relationship between litigation risk … the lawsuit avoidance hypothesis in an international context. Our findings imply that the degree of litigation risk in a …

Persistent link: https://www.econbiz.de/10013096114

ESG Government Risk and International IPO Underpricing

Baker, Edward; Boulton, Thomas Jason; Braga-Alves, Marcus V. - 2021

We study the association between environmental, social, and governance (ESG) government risk management and firm … governance pillars, we find that underpricing tends to be lower in countries with stronger risk management practices in each of …

Persistent link: https://www.econbiz.de/10013236855

Accounting for Emissions : Evidence from Auditor Pricing of Climate Change Risk

Kannan, Yezen H.; Gleason, Kimberly C.; Molyneux, Philip - 2021

auditor perception of greater risk arising from higher emitting clients. Our findings are robust to alternate specifications …

Persistent link: https://www.econbiz.de/10013214007

Economic policy uncertainty and international IPO underpricing

Boulton, Thomas J. - In: Journal of international financial markets, … 81 (2022), pp. 1-22

Persistent link: https://www.econbiz.de/10013533413

Economic Policy Uncertainty and International IPO Underpricing

Boulton, Thomas J. - 2022

Studying 13,426 IPOs issued in 22 countries between 1998 and 2018, I find robust evidence that greater economic policy uncertainty (EPU) is associated with larger first-day returns. A one standard deviation increase in the EPU index is associated with an additional $1.84 million “left on the...

Persistent link: https://www.econbiz.de/10013406486

Auditor Conservatism and Banks’ Measurement Uncertainty during the Financial Crisis

Chen, Feng - 2016

During the most recent financial crisis, the economic difficulties, along with potentially high uncertainties associated with fair value estimates, increased the audit risks for bank auditors. We analyze a sample of U.S. public banks during the crisis (2008-2009) and after the crisis...

Persistent link: https://www.econbiz.de/10013008994