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| Author: | Holland, K. Horton, J. |
| Title: | Initial public offerings on the unlisted securities market: the impact of professional advisers |
| Journal: | Accounting and Business Research
1993 : WINTER, VOL. 24:93, p. 19-34 |
| Index terms: | INITIAL PUBLIC OFFERINGS STOCK MARKETS INVESTORS |
| Language: | eng |
| Abstract: | This paper tests two hypotheses developed in the context of information asymmetry between companies making initial public offerings (IPO) on the Unlisted Securities Market and potential investors. It is argued that the status of the sponsor and audit firm are interpreted by potential investors as signals of an IPO's quality. The results indicate that for IPOs made during 1986-87 the level of discount and the status of the associated auditing firm are significantly related. |
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