Name: Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings
Price: 494.00 ZAR
Availability: InStock
Author: Hanley, Kathleen Weiss ; Hoberg, Gerald ; United States Federal Reserve Board
ISBN: 9781288702381

portada Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings

Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings

Type

Physical Book

Author

United States Federal Reserve Board

Kathleen Weiss Hanley

Gerald Hoberg

Publisher

Bibliogov

Language

English

Pages

Format

Paperback

Dimensions

24.6 x 18.9 x 0.3 cm

Weight

0.10 kg.

ISBN13

9781288702381

Synopsis "Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings"

Using word content analysis on the time-series of IPO prospectuses, we find evidence that issuers trade off underpricing and strategic disclosure as potential hedges against litigation risk. This tradeoff explains a significant fraction of the variation in prospectus revision patterns, IPO underpricing, the partial adjustment phenomenon, and litigation outcomes. We find that strong disclosure is an effective hedge against all lawsuits. Underpricing, however, is an effective hedge only against the incidence of Section 11 lawsuits, those lawsuits which are most damaging to the underwriter. Underwriters who fail to adequately hedge litigation risk experience economically large penalties including loss of market share.

Customers reviews

Have you read this book? Login to add your review.

More customer reviews

0% (0)
0% (0)
0% (0)
0% (0)
0% (0)

Questions and Answers about the Book

Do you have a question about the book? Login to be able to add your own question.

Opinions about Bookdelivery

More customer reviews

Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings - Hanley, Kathleen Weiss ; Hoberg, Gerald ; United States Federal Reserve Board

Synopsis "Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings"

Customers reviews

Frequently Asked Questions about the Book

Is the book original?

In what language is the book written?

What is the format of this book?

Questions and Answers about the Book

Opinions about Bookdelivery