Valuation uncertainty risk compensation and IPO prospectus earnings forecasts

Jing Shi, Chris Bilson and John Powell

Applied Economics Letters, 2008, vol. 15, issue 5, 331-335

Abstract: Younger, riskier, less credible firms do not voluntarily supply initial public offering prospectus earnings forecasts. Nondisclosure increases valuation uncertainty risk, thus necessitating higher first-day underpricing and long-run performance as compensation.

Date: 2008
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DOI: 10.1080/13504850600706107

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