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- W201477321 abstract "This study examines the economic determinants of the voluntary disclosure of earnings forecasts in prospectuses for initial public offerings. The role played by such disclosure in the valuation of the new issues is also examined. The study explores several hypotheses motivated by the voluntary disclosure and the signalling literature. The results indicate initial offering firms' disclosure policy is influenced by a number of factors including: operating history of the firm; proprietary costs; and auditor quality. The results further indicate that the mere act of disclosure of forecasts in the prospectus itself does not convey information to the market, it is the nature of the information contained in the forecast which signals firm value to the market. The study also reveals that investors perceive the percentage of equity retained by pre-offering owners as a credible signal of firm value. The results in relation to the 'good news' hypothesis (which posits that firms with superior cash flow prospects will disclose to screen themselves from firms with 'worse' information); and costs of capital (competition in the capital market) were inconclusive. Finally, the evidence indicates that issue size and firm size have poor explanatory power in relation to new equity issuers' disclosure policy." @default.
- W201477321 created "2016-06-24" @default.
- W201477321 creator A5011467105 @default.
- W201477321 date "2023-10-09" @default.
- W201477321 modified "2023-10-10" @default.
- W201477321 title "An empirical investigation of volutary disclosure of earnings forecasts in initial public offering prospectuses" @default.
- W201477321 doi "https://doi.org/10.14264/219868" @default.
- W201477321 hasPublicationYear "2023" @default.
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