In this study, we look at the effects of using different offering methods and examine whether the auction system is a better way of rationing IPOs in the sense of reducing the degree of underpricing. Preliminary findings show that IPOs offered via the auction system appear to have lower...

Purpose – This paper aims to compare the quality of financial reporting (or accounting quality) of firms cross-listed in Germany and the United Kingdom relative to domestic firms that are not cross-listed in Germany and the United Kingdom. Design/methodology/approach – The authors assess...

Financial restatements may affect core earnings if the restatements involve revenue, cost of sales or ongoing expenses. Hence, restatements may impact information content of earnings. Using the earnings response coefficient (ERC) as a measure of the information content of earnings, we document a...

This paper examines the quality of financial reporting of Chinese firms cross-listed in the United States, Hong Kong and noncross-listed Chinese firms. We examine quality of financial reporting based on measures of earnings management, timely loss recognition and price-earnings association. We...

Purpose – The purpose of this paper is to examine whether both country disclosure environment and firm-level disclosures are associated with cross-listing in the USA or London or otherwise. Design/methodology/approach – The authors test the association using a sample of Asia-Pacific firms...

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...