This study examines the relationship between the extent of initial public offering (IPO) underpricing and market sentiment surrounding technology issues listing on the Australian Stock Exchange (ASX) during 1999 and 2000. We consider quot;hypequot; surrounding these issues as reflected in the...

Critics of short-selling argue that short-sellers amplify price declines by targeting firms with falling prices in an unwarranted manner. Contrary to this viewpoint, we find that increases in short-interest for firms following a price decline are associated with measures of overpricing based on...

This study contributes to the body of research that examines the valuation of initial public offers (IPOs). The aim of this study is to assess the relative predictive ability of residual income valuation against the popular alternative of comparable firm valuation for predicting the offer prices...

This paper examines the intra-day returns to initial public offerings on the first day of trade from an information arrival perspective. We examine underpricing as reflected in the first and subsequent trades on the first day of listing. We find that underpricing is primarily reflected in the...

Prior research documents that non-financial firms resort to more real activities management when their ability to manage accruals is constrained by specialist auditors (e.g., Chi et al. 2011; Burnett et al. 2012). Within the context of banks' real activities management through repurchase agreements...

This study draws on the investor protection literature to examine differences in a country's information environment that are likely to explain cross country variation in the extent to which macroeconomic forecasters take account of current earnings when forecasting future growth in GDP. Using a...

We consider the influence of Ball and Brown (1968) using citation and visualisation techniques. Prior studies have largely used direct citations to Ball and Brown (1968) to measure the impact of this seminal research. We argue that direct citations greatly under-estimate the impact of seminal...

In the following document we provide an extensive synthesis of the academic literature broadly related to reporting by auditors with respect to the issue of going-concern. Our intent is to provide information to the Public Company Oversight Board (PCAOB) that may prove to be useful in their...

Proponents of International Financial Reporting Standards (IFRS) claimed that the adoption of IFRS would lead to more efficient capital allocation through greater cross-border investment. This study examines whether the adoption of IFRS is associated with an increase in the level of investment...

Macroeconomic analysts have been found to not take full account of aggregate accounting earnings when forecasting future growth in U.S. gross domestic product (GDP). Using Australian data, we confirm this finding and find that the association between aggregate earnings and GDP growth is robust...