This article investigates the impact of fundamentals of initial public offering (IPO) firms on two categories of investors, large and small investors. In the decision to purchase IPOs, the demand by large investors is positively associated with earnings yield, firm size and underpricing, and...

Prior international studies that investigate the relative usefulness of accounting information have focused either on the incremental information content of earnings reconciliation, or the relative information content of accounting numbers across countries. Using a sample of 13 countries, this...