dc.contributor.author
Bigus, Jochen
dc.contributor.author
Dreyer, Florian
dc.date.accessioned
2023-10-09T07:05:22Z
dc.date.available
2023-10-09T07:05:22Z
dc.identifier.uri
https://refubium.fu-berlin.de/handle/fub188/39648
dc.identifier.uri
http://dx.doi.org/10.17169/refubium-39366
dc.description.abstract
Using a sample of up to 2,503 initial public offerings (IPOs) in 32 countries from 2011–2017, we predict and find that higher levels of country-level accounting enforcement are associated with lower levels of IPO underpricing. IPOs in countries with a relatively low accounting enforcement score (second quintile) exhibit a mean underpricing of 19%, whereas the mean underpricing amounts to just 9% in countries with a relatively high score (fourth quintile). The results remain qualitatively the same when we employ a multi-level model or a difference-in-difference design. In countries that substantially strengthened their accounting enforcement in the 2003–2009 period, the level of IPO underpricing decreased significantly. We show that accounting enforcement matters for the cost of going public.
en
dc.format.extent
41 Seiten
dc.rights.uri
https://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject
Accounting enforcement
en
dc.subject
Underpricing
en
dc.subject
Cross-country study
en
dc.subject.ddc
300 Sozialwissenschaften::330 Wirtschaft::330 Wirtschaft
dc.title
Country-level Accounting Enforcement and IPO Underpricing
dc.type
Wissenschaftlicher Artikel
dcterms.bibliographicCitation.doi
10.1111/abac.12280
dcterms.bibliographicCitation.journaltitle
Abacus
dcterms.bibliographicCitation.number
3
dcterms.bibliographicCitation.pagestart
735
dcterms.bibliographicCitation.pageend
775
dcterms.bibliographicCitation.volume
59
dcterms.bibliographicCitation.url
https://doi.org/10.1111/abac.12280
refubium.affiliation
Wirtschaftswissenschaft
refubium.affiliation.other
Betriebswirtschaftslehre / Department Finance, Accounting and Taxation (FACTS)
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refubium.funding
DEAL Wiley
refubium.note.author
Die Publikation wurde aus Open Access Publikationsgeldern der Freien Universität Berlin gefördert.
refubium.resourceType.isindependentpub
no
dcterms.accessRights.openaire
open access
dcterms.isPartOf.eissn
1467-6281