Loughran, Tim; McDonald, Bill - In: Journal of Financial Economics 109 (2013) 2, pp. 307-326
Form S-1 is the first SEC filing in the initial public offering (IPO) process. The tone of the S-1, in terms of its definitiveness in characterizing the firm’s business strategy and operations, should affect investors’ ability to value the IPO. We find that IPOs with high levels of uncertain...
