IPO广告风险披露与公司质量

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2023-06-01 DOI:10.1016/j.finmar.2022.100789

Supriya Katti , Edward R. Lawrence , Mehul Raithatha

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引用次数: 4

摘要

我们将在广告中披露风险的印度IPO发行公司与未披露此类风险的公司进行比较，发现披露风险的公司的低定价高出31%。对于风险披露公司，我们发现机构投资者的认购明显更高。散户投资者对两类公司的认购差异微不足道。在广告中披露风险的公司在IPO后的表现优于未披露此类风险的公司。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Risk disclosure in IPO advertisement and the quality of the firm

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.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.