Efficiency in initial public offerings and intellectual capital disclosure

被引：6

作者：

Alcaniz, Leire ^{[1
]}

Gomez-Bezares, Fernando ^{[1
]}

Vicente Ugarte, Jose ^{[2
]}

机构：

[1] Univ Deusto, Dept Finance & Accounting, Bilbao, Spain

[2] Univ Deusto, Dept Quantitat Methods, Bilbao, Spain

来源：

EUROPEAN JOURNAL OF FINANCE | 2017年 / 23卷 / 12期

关键词：

initial public offering; efficiency; information disclosure; intellectual capital; IPO PROSPECTUSES; LITIGATION RISK; LEAVING MONEY; DONT ISSUERS; MARKET; COST; PERFORMANCE; DECISION; QUALITY; TABLE;

D O I：

10.1080/1351847X.2016.1151806

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The returns of initial public offerings (IPOs) on the first trading day, or the underpricing of IPOs, are a puzzle according to the Efficient Market Hypothesis. Many studies have attempted to relate these returns to different variables. We studied the relationship between underpricing and information about intellectual capital (IC), source of competitive advantage, disclosed in IPO prospectuses as well as other control variables. Our conclusion is contrary to certain literature, as IC information does not have any influence on underpricing but is consistent with the semi-strong efficient market hypothesis defended by Eugene Fama (Nobel in Economics 2013).

引用

页码：1129 / 1149

页数：21

共 76 条

[1] Theoretical perspectives on intellectual capital: A backward look and a proposal for going forward [J].