The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Issuer Expenses and Legal Liability in Initial Public Offerings
Abstract
Issuers of initial public offerings (IPOs) face numerous decisions, of which the selection and compensation of experts--the legal counsel, the auditor, and the investment banker--are among the most important. Our article investigates the role of the entire IPO coalition (including the legal counsel). In a comprehensive sample of 823 firm-commitment offerings from 1992 to 1994, we examine how expert compensation, IPO underpricing, and IPO underpricing uncertainty are related to (1) expert quality (we provide in the text our directly comparable ranking of the top 50 experts in each category in December 1994), (2) legal caution and liability, (3) nonlegal risk signals, and (4) one another. The results are contrasted with similar results from the 1980s.
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Cites
Investigating causal relations by econometric models and cross-spectral methods
Granger, C. W. J. (1969) · Econometrica · doi:10.2307/1912791 · Cited by 22,989
Cited by
The Information Content of IPO Prospectuses
Hanley, K. W., & Hoberg, G. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq024 · Cited by 594
A Review of IPO Activity, Pricing and Allocations
Ritter, J. R., & Welch, I. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.296393 · Cited by 466
Self-citationCORWIN, S. A., & SCHULTZ, P. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.00735.x · Cited by 412
Metadata
- Authors
- Beatty, R. P., & Welch, I.
- Venue
- The Journal of Law and Economics
- Publisher
- University of Chicago Press
- Published
- 1996-10
- Volume
- 39
- Issue
- 2
- Pages
- 545-602
- ISSN
- 0022-2186 (ISSN-L)
- 1537-5285
- OpenAlex
- W2059156966
- Cited by
- 488
- References
- 1
- FWCI
- 18.66
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Issuer Expenses and Legal Liability in Initial Public Offerings. https://app.cochat.ai/papers/10.1086/467359
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- Beatty, R. P., & Welch, I. (1996). Issuer Expenses and Legal Liability in Initial Public Offerings. The Journal of Law and Economics. https://doi.org/10.1086/467359
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
