Risk factor and use of proceeds declarations and their effects on IPO subscription, price 'fixings', liquidity and after-market returns
Publication in refereed journal

香港中文大學研究人員
替代計量分析
.

其它資訊
摘要This paper addresses two important areas of voluntary disclosure for Hong Kong IPOs: (1) The risk factors surrounding a listing entity’s business and offer and (2) an issuer’s planned use of proceeds. Issuers assigning a greater fraction of proceeds to investment (debt repayment) generate higher (lower) subscription rates, price ‘fixings’ and after-market liquidity levels, as well as more (less) robust initial and longer-run returns. Greater enumeration of issue-based risk factors inflates after-market volatility but exerts little influence on other initial pricing characteristics. In contrast, enumerations on business and global risk factors bear strong negative association with longer-run returns. Additionally, risk factor enumeration and debt repayments are increasing in underwriter quality. However, such disclosures exhibit weak connection with state ownership.
著者McGuinness PB
期刊名稱European Journal of Finance
出版年份2019
月份8
卷號25
期次12
出版社Taylor & Francis (Routledge): SSH Titles
頁次1122 - 1146
國際標準期刊號1351-847X
語言英式英語

上次更新時間 2021-13-01 於 23:27