The Impact of the Tone of a Prospectus on IPO Underpricing: Evidence from China

IF 3.1 3区 管理学 Q2 BUSINESS, FINANCE Australian Accounting Review Pub Date : 2023-11-06 DOI:10.1111/auar.12412
Jun Qi, Qinwei Chi, Ni Yang, Junyan Ouyang
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Abstract

A prospectus is an essential disclosure document requested by stock market regulators and used by potential investors to acquire necessary information about the fair value estimate of an initial public offering (IPO) and subsequent investment decisions. Using IPO firms in China during the period 2007 to 2017, this study provides novel evidence for the impact of the tone of a prospectus on IPO underpricing. The results show that the tone of a prospectus is positively associated with underpricing. Supplementary analyses show that the positive effect of prospectus tone on IPO underpricing is more pronounced for IPO firms having CEO duality and large board size, lower managerial shareholding and institutional shareholding, and big audit firms and prestigious underwriters. Finally, the results indicate that the positive tone of a prospectus is able to predict negative operating performance in future.

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招股说明书的语气对 IPO 定价过低的影响:来自中国的证据
招股说明书是证券市场监管机构要求的重要信息披露文件,潜在投资者通过招股说明书获取有关首次公开发行(IPO)公允价值估计和后续投资决策的必要信息。本研究以 2007 年至 2017 年期间中国的 IPO 公司为研究对象,就招股说明书的语气对 IPO 定价过低的影响提供了新的证据。结果显示,招股说明书的基调与定价不足正相关。补充分析表明,招股说明书基调对 IPO 定价偏低的正向影响对于 CEO 双重身份和董事会规模较大、管理者持股比例和机构持股比例较低、大型审计公司和著名承销商的 IPO 公司更为明显。最后,研究结果表明,招股说明书的积极基调能够预测未来的负面经营业绩。
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来源期刊
Australian Accounting Review
Australian Accounting Review BUSINESS, FINANCE-
CiteScore
6.30
自引率
17.60%
发文量
31
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