IPO UNDERPRICING AND INFORMATION QUALITY OF PROSPECTUSES

ZHOU K. U. O.; ZHOU B. A. I. C. H. E. N. G.; LIU H. U. A. X. I. A. O.

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IPO UNDERPRICING AND INFORMATION QUALITY OF PROSPECTUSES

机译：IPO估价和招股说明书的信息质量

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Effective information disclosure is the cornerstone of sustainable operation of the capital market. In the IPO market, whether public information in the prospectus can be fully captured by investors largely depends on the quality of valuation-relevant information. Based on Chinese prospectuses, we create five unique indicators to measure the information quality and examine the relationship between information quality and IPO underpricing. We find that high quality of information disclosure results in less underpricing because they relieve serious information asymmetry between issuing companies and investors. We provide a new method to supervise and improve the quality of non-financial information disclosure.

机译：有效的信息披露是资本市场可持续运营的基石。在IPO市场，无论招股说明书中的公共信息是否可以通过投资者完全捕获，主要取决于估值相关信息的质量。基于中国招股说明书，我们创建了五个独特的指标来衡量信息质量，并检查信息质量与IPO估值之间的关系。我们发现，高质量的信息披露导致较少的估价较少，因为它们减轻了发行公司和投资者之间的严重信息不对称。我们提供了一种监督和提高非财务信息披露质量的新方法。

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来源
《The Singapore economic review》 |2020年第6期|1559-1577|共19页
作者
ZHOU K. U. O.; ZHOU B. A. I. C. H. E. N. G.; LIU H. U. A. X. I. A. O.;
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作者单位

Jilin Univ Sch Econ Changchun Peoples R China;

Jilin Univ Sch Econ Changchun Peoples R China|Jilin Univ China Ctr Publ Sect Econ Res Changchun Peoples R China;

Jilin Univ Coll Comp Sci & Technol Changchun Peoples R China;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Disclosure; information quality; prospectus; IPO;

机译：披露;信息质量;招股说明书;IPO;

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1. Impact of audit quality and ownership structure on the bias and accuracy of earnings forecasts issued in IPO prospectuses: Evidence from a frontier market [J] . A.K.M. Waresul Karim, Kamran Ahmed, Tanweer Hasan Studies in economics and finance . 2013,第4期

机译：审计质量和所有权结构对IPO招股说明书中发布的盈利预测的偏倚和准确性的影响：来自前沿市场的证据
2. Stage financing and syndication in the IPO underpricing of venture-backed firms: Venture capital and IPO underpricing [J] . Awounou-N’dri Honorine, Dubocage Emmanuelle The international journal of entrepreneurship and innovation . 2019,第4期

机译：在风投支持公司的IPO抑价中分阶段融资和联合发行：风险资本和IPO抑价
3. Industry Peer Firms' Earnings Quality and IPO Underpricing [J] . Ji Yu, Ling Tuo, Da Wu The journal of corporate accounting & finance . 2019,第1期

机译：行业同业公司的盈余质量和IPO定价偏低
4. Text Mining for Studying Management's Confidence in IPO Prospectuses and IPO Valuations [C] . Jie Tao, Amit V. Deokar Americas conference on information systems . 2015

机译：文本挖掘，用于研究管理层对IPO招股说明书和IPO估值的信心
5. Investment Banks and Underpricing: The Influence of Profit Sharing Agreements in a Two-Stage IPO Signalling Model =Investmentbanken und Underpricing: Der Einfluss von Gewinnbeteiligungsvereinbarungen in einem zweistufigen IPO-Signalisierungsmodell [D] . Baltes, Pascal. 2018

机译：投资银行和低估：利润分享协议在两阶段IPO信令模型中的影响=投资银行和低估：利润分享协议在两阶段IPO信令模型中的影响
6. Adipose Tissue Quality in Aging: How Structural and Functional Aspects of Adipose Tissue Impact Skeletal Muscle Quality [O] . Flavia G. De Carvalho, Jamie N. Justice, Ellen C. de Freitas, 2019

机译：衰老中的脂肪组织质量：脂肪组织的结构和功能方面如何影响骨骼肌质量
7. IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing. [O] . Stegehuis JH 2016

机译：欧洲IPO定价偏低IPO价格变化对定价偏低的影响。

IPO UNDERPRICING AND INFORMATION QUALITY OF PROSPECTUSES

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