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| Tekijä: | Bedard, J. Coulombe, D. Courteau, L. |
| Otsikko: | Audit committee, underpricing of IPOs, and accuracy of management earnings forecasts |
| Lehti: | Corporate governance
2008 : NOV, VOL. 16:6, p. 519-535 |
| Asiasana: | board of directors auditing committees corporate governance initial public offerings Canada agency theory |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the role of audit committees (AC) in the initial public offering (IPO) process in a governance environment with AC best practices being well established but their adoption being voluntary. In addition, the effect of the committee on the quality of management earnings forecasts included in the prospectus is also examined. Based on a sample of over 240 IPOs issued in the Canadian province of Québec, it is found among others that the creation of an AC at the time of the IPO has no effect on underpricing unless its members are independent, having expertise in financial matters, in which case it decreases significantly the level of underpricing of the IPO etc. |
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