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dc.contributor.authorBoulton, Thomas Jen_NZ
dc.contributor.authorSmart, Scott Ben_NZ
dc.contributor.authorZutter, Chad Jen_NZ
dc.date.available2011-04-07T03:18:54Z
dc.date.copyright2007-03-20en_NZ
dc.identifier.citationBoulton, T. J., Smart, S. B., & Zutter, C. J. (2007, March 20). International IPO underpricing, earnings quality, and governance. University of Otago Department of Finance Seminar Series. Presented at the University of Otago, Finance department, Seminar.en
dc.identifier.urihttp://hdl.handle.net/10523/1508
dc.description.abstractExamining a sample of more than 4,600 IPOs across 24 countries from 2000-2004, we find that firm- and deal-specific characteristics widely used in IPO single-country underpricing studies (e.g., offer size, underwriter reputation, and industry) can explain variation in an international cross section of initial returns. More importantly, we also find that country-level measures of earnings quality and governance characteristics explain differences in the international cross section of IPO underpricing. We find lower initial returns in countries with higher earnings quality and that underpricing is generally higher in countries with corporate governance systems that strengthen the position of investors relative to insiders.en_NZ
dc.format.mimetypeapplication/pdf
dc.relation.ispartofUniversity of Otago Department of Finance Seminar Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/finc/research/seminars.htmlen_NZ
dc.subjectInternational finance; Initial public offerings; Earnings opacity; Investor protectionen_NZ
dc.subject.lcshHF Commerceen_NZ
dc.subject.lcshHF5601 Accountingen_NZ
dc.subject.lcshHG Financeen_NZ
dc.titleInternational IPO underpricing, earnings quality, and governanceen_NZ
dc.typeConference or Workshop Item (Seminar, Speech or Other Presentation)en_NZ
dc.description.versionUnpublisheden_NZ
otago.bitstream.pages39en_NZ
otago.date.accession2007-04-12en_NZ
otago.schoolFinanceen_NZ
otago.openaccessOpen
otago.place.publicationDunedin, New Zealanden_NZ
dc.identifier.eprints599en_NZ
dc.description.refereedNon Peer Revieweden_NZ
otago.school.eprintsFinance & Quantitative Analysisen_NZ
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otago.event.dates20 March 2007en_NZ
otago.event.placeCommerce 5.37, University of Otago, Dunedin, Otagoen_NZ
otago.event.typeotheren_NZ
otago.event.titleUniversity of Otago, Finance department, Seminaren_NZ
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