 Intellectual Capital Disclosure and IPO Results: Is It a Matter of Classification?Cristiana Cardi,
Camilla Mazzoli () and
Sabrina Severini
Chapter 8 in Bank Funding, Financial Instruments and Decision-Making in the Banking Industry, 2016, pp 193-223 from Palgrave Macmillan Abstract: Abstract We study the effects of Intellectual Capital (IC) disclosure on the IPO results. Previous findings provide inconsistent results, possibly due to the distinct ways in which IC is classified. We apply two different IC classifications to the information disclosed in the listing prospectuses of 74 Italian IPOs issued between 2004 and 2014 and we build different IC disclosure indexes. The indexes are put into a series of regressions regarding the IPO results and then quantified in terms of price adjustment and underpricing. We demonstrate that the effects of IC disclosure on the IPO results are comprehensively consistent across the different IC classifications, although some differences emerge. Such evidence make clear to listing firms the great benefits to be derived from the proper disclosure of their non-financial assets to investors. Keywords: Intellectual Capital; Intangible Asset; Price Adjustment; Offer Price; Listing Firm (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-319-30701-5_8 Ordering information: This item can be ordered from DOI: 10.1007/978-3-319-30701-5_8 Access Statistics for this chapter More chapters in Palgrave Macmillan Studies in Banking and Financial Institutions from Palgrave Macmillan |
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