IPO上市前和上市后的低定价:收益披露的使用是否重要?

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-09-17 DOI:10.1016/j.jcae.2023.100379
Kavitha Ranganathan, Madhu Veeraraghavan
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引用次数: 0

摘要

利用印度独特的IPO定价监管框架,这使我们能够估计自愿和后市场的低定价,我们回答了具体使用收益是否解释了前市场和后市场的低定价。我们的主要发现如下。首先,我们证明,披露收益的具体用途增加了上市前的实际自愿低价(即出价较低),并降低了上市后的低价(即首日收盘价较低)。其次,信息不对称程度越高的企业,市场前效应越明显,而投资者情绪越高的企业,市场后效应越明显。我们的核心发现对于减轻内生性担忧的测试是稳健的。总体而言,我们表明信息披露在上市前和上市后市场对抑价的影响是不同的。
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Pre-and-aftermarket IPO underpricing: Does use of proceeds disclosure matter?

Exploiting a unique regulatory framework for IPO pricing in India, which allows us to estimate voluntary and aftermarket underpricing, we answer whether specific use of proceeds explains underpricing in the pre- and aftermarket. Our main findings are as follows. First, we document that disclosure of specific use of proceeds increases actual voluntary underpricing (i.e., offer price being lower) in the premarket and lowers aftermarket underpricing (i.e., the first-day closing price is lower). Second, the premarket effect is pronounced for firms with greater information asymmetry, whereas the aftermarket effect is pronounced for firms with higher investor sentiment. Our core findings are robust to tests that mitigate endogeneity concerns. Collectively, we show that disclosure impacts underpricing differently in the pre- and aftermarket.

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CiteScore
6.00
自引率
3.00%
发文量
24
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