کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7357151 | 1478426 | 2018 | 57 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The consequences of shifting the IPO offer pricing power from securities regulators to market participants in weak institutional environments: Evidence from China
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
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![عکس صفحه اول مقاله: The consequences of shifting the IPO offer pricing power from securities regulators to market participants in weak institutional environments: Evidence from China The consequences of shifting the IPO offer pricing power from securities regulators to market participants in weak institutional environments: Evidence from China](/preview/png/7357151.png)
چکیده انگلیسی
We examine the consequences of shifting the IPO offer pricing power from securities regulators to market participants in a representative weak investor protection country, China. We show IPO offer prices relative to reported earnings are less depressed when determined by market participants than by securities regulators. IPO firms are also less likely to select a low quality auditor or inflate the pre-IPO earnings when IPO offer prices are determined by market participants. However, we find no evidence that IPO offerings are more likely to be overpriced when offer prices are determined by market participants. Furthermore, IPO firms' financial reporting choices made at the time of the IPO have a long lasting impact on the firms' subsequent financial reporting quality. Overall, our results contribute to the ongoing debate on the appropriate roles of securities regulators versus market forces in protecting public investors in markets with weak institutional environments.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 50, June 2018, Pages 349-370
Journal: Journal of Corporate Finance - Volume 50, June 2018, Pages 349-370
نویسندگان
Jun Chen, Bin Ke, Donghui Wu, Zhifeng Yang,