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| Author: | Jog, V. McConomy, B. J. |
| Title: | Voluntary Disclosure of Management Earnings Forecasts in IPO Prospectuses |
| Journal: | Journal of Business Finance and Accounting
2003 : JAN-MAR, VOL. 30:1-2, p. 125-168 |
| Index terms: | PERFORMANCE APPRAISAL PRICING DISCLOSURE |
| Language: | eng |
| Abstract: | Asymmetric information and mechanisms for its resolution in the initial public offering (IPO) process are subjects of extensive research and debate. In this paper, the authors investigate the impact of one such mechanism, namely voluntary disclosure of management earnings forecasts by issuers of IPOs, as a means of reducing asymmetric information as well as ex ante uncertainty. The authors' focus is on the relative importance of this voluntary disclosure mechanism on both IPO underpricing and post-issue return performance. The authors' results indicate that management earnings forecasts provide important and incremental information. The author compared to other means of reducing asymmetric information, and these disclosures appear to improve the environment of IPO issuance. |
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