This paper examines the initiation of analyst coverage of IPO firms in the presence of management forecasts. For a sample of 763 Australian IPOs from 1992 to 2004, we find firms that provide a management forecast in the prospectus are more likely to receive analyst coverage, after correcting for...

Initial public offering (IPO) companies are exempt from Section 404 of the Sarbanes-Oxley Act of 2002, leaving investors to assess the quality of an IPO company's internal controls, which affect the quality of management-provided financial information, without an opinion on internal controls...

We examine the impact of auditor choice on debt pricing in firms' early public years when they are lesser known. Our evidence suggests that retaining a Big Six auditor, which can reduce debt monitoring costs by enhancing the credibility of financial statements, enables young firms to lower their...

Lawyers are moral actors deeply embedded in the social and political orders to the principles of which they owe a high degree of fidelity. A lawyer's ethical obligations are grounded in that basic fidelity and they may advance their client's interests only consistent with this higher duty. Thus,...

Recently, Chinese firms have become more active in attempting to go public on the Frankfurt Stock Exchange (FWB). This paper uses multivaria te probit analysis to test the motivations of Chinese firms to list on the FWB. In general, Chinese firms are driven by the following motivations. Firstly,...

This study examines the deferred tax disclosures of a sample of venture capital backed IPOs with net operating loss (NOL) carryforwards. I find that 82 percent of these firms record an allowance that reduces the associated deferred tax asset to zero. I show that the size of a firm's NOL, and...

The Canadian income trust organizational structure allows operating entities to pass on free-cash flows to unit-holders in a tax-efficient manner. This paper examines the market valuation of pro forma disclosures of free cash flows, known as distributable cash, disclosed by these income trusts...

The main objective of this study is to ascertain the effect of Accounting Information on Market Share Price of Information, Communication and Technology (ICT) firms listed on Nigeria Stock Exchange. The specific objectives are to ascertain the effect or otherwise of Dividend per share, Earnings...

This study examines the impact of mandatory IFRS adoption on IPO underpricing and the relative amount of IPO capital raised in foreign markets. Using a difference-in-differences design, we find a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following...

We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of public equity, we find that a one standard deviation increase in private firm disclosure transparency – proxied by the number...