Auditor Reputation and the Pricing of Initial Public Offerings PDF Download
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Author: Randolph Beatty
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 32
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Book Description
Author: Randolph Beatty
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 32
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Book Description
Author: Randal Jeffrey Elder
Publisher:
ISBN:
Category : Auditors
Languages : en
Pages : 360
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Book Description
Author: Edward B. Douthett
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This study investigates factors that determine the choice of auditor in the market for new issues of securities. While ex post benefits of selecting a high reputation auditor are well documented in the literature (e.g., higher IPO proceeds), researchers have had less success in establishing the ex ante determinants of the demand for auditor reputation. To address this problem, we use an improved research design which explicitly considers the confounding supply side effects of audit fees on demand. We specify a system of simultaneous equations and utilize a two-stage generalized least squares estimation procedure to investigate the determinants of the demand for auditor reputation (proxied by auditor size) in the market for initial public offerings. Using a sample of firms issuing securities between 1991 and 1994, we find that audit fees are an important variable omitted in previous audit demand studies and that audit fees and demand are endogenously determined. We find that the demand for auditor reputation is inversely related to the ownership percentage retained by the entrepreneur/owners and to the proportion of the IPO proceeds used for investment purposes. Additionally, the demand for auditor reputation is found to be inversely related to a measure of firm-specific risk reflecting the likelihood that the issuing company will fail within three years following the IPO.
Author: Edward B. Douthett
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We examine audit fees and returns to auditor reputation for Israeli entrepreneurs making initial public offerings (IPOs) of equity in U.S. capital markets. We find that the cost of audit quality in terms of audit fees is higher, and the benefit of audit quality in terms of IPO proceeds is lower for a sample of Israeli IPOs matched to a control sample of U.S. IPOs. The results suggest that the higher levels of country-specific risk in Israel are modifying the cost and benefits of audit quality for Israeli entrepreneurs selling securities in the U.S.
Author: Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence
Publisher: Archers & Elevators Publishing House
ISBN: 9386501295
Category : Antiques & Collectibles
Languages : en
Pages :
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Author: Seth Anderson
Publisher: Springer Science & Business Media
ISBN: 1461522951
Category : Business & Economics
Languages : en
Pages : 126
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Book Description
Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.
Author: Michael Walte Willenborg
Publisher:
ISBN:
Category :
Languages : en
Pages : 80
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Author: Krishnagopal Menon
Publisher:
ISBN:
Category : Auditor-client relationships
Languages : en
Pages : 104
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Book Description
Author: Arvin Ghosh
Publisher: Routledge
ISBN: 1351496751
Category : Business & Economics
Languages : en
Pages : 137
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Book Description
In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
Author: Ernst & Young LLP
Publisher: Wiley
ISBN: 9780471352334
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Ernst & Young ist einer der führenden Finanzdienstleister in den USA. Dies ist die aktualisierte Version des Leitfadens zum Börsengang 'Ernst & Young Guide to Taking Your Company Public'. Ziel war es, leitende Angestellte anzusprechen, wobei der Schwerpunkt auf Emissionskursen (IPOs - Initial Offering Prices) liegt als Verfahren, das einen bedeutenden Einfluß auf Geschäftsoperationen haben wird. Ein praktisches Fachbuch mit wichtigen Informationen zum Börsengang, einschließlich neuer Arten von IPOs und Internetangeboten. (09/99)
