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Finance and Economics Discussion Series

Name: Finance and Economics Discussion Series
Brand: Books on Demand
SKU: 08273545
Price: 16.17 EUR
Availability: InStock
Author: Gerald Hoberg
ISBN: 9781288702381

Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings

Gerald Hoberg

Jezik

Engleski

Knjiga Meki uvez

Libristo kod: 08273545

Nakladnici Books on Demand, veljača 2013

Using word content analysis on the time-series of IPO prospectuses, we find evidence that issuers tr... Cijeli opis

Libristo kod: 08273545

39 b

16.17 €

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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.