Following a 2008 rule change by the U.S. Securities and Exchange Commission designed to simplify and expand smaller firms’ abilities to raise public equity, small firms increasingly issue public equity via confidentially-marketed public offerings (CMPOs). CMPOs pair confidential pre-offering...

Can specific use of proceeds explain underpricing in the pre- and aftermarket? Exploiting a unique regulatory design, we answer this question by using a sample of 258 Indian initial public offerings (IPOs). We document that specific use of proceeds increases actual voluntary underpricing in the...

We examine whether IPO registration disclosures expose firms to greater nonshareholder litigation risk. Using hand-collected data on lawsuits initiated at federal and state courts against IPO firms, we show that firms that submit their IPO registration statement with the SEC publicly experience...

The initial Public Offer (IPO) prospectus contains material information for the investors to make an informed investment decision. The main purpose of the study is to analyze the extent of working capital disclosure made by Indian companies coming out with IPO. The present study examines the...