The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
The Information Content of IPO Prospectuses
Open accessAbstract
Using word content analysis, we decompose information in the initial public offering prospectus into its standard and informative components. Greater informative content, as a proxy for premarket due diligence, results in more accurate offer prices and less underpricing, because it decreases the issuing firm's reliance on bookbuilding to price the issue. The opposite is true for standard content. Greater content from high reputation underwriters and issuing firm managers, through Management's Discussion and Analysis, contribute to the informativeness of the prospectus. Our results suggest that premarket due diligence and disclosure by underwriters and issuers can serve as a substitute for costly bookbuilding. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
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Healy, P. M., & Palepu, K. G. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00018-0 · Cited by 8,097
Giving content to investor sentiment: The role of media in the stock market
TETLOCK, P. C. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01232.x · Cited by 4,827
Investment banking, reputation, and the underpricing of initial public offerings
Beatty, R. P., & Ritter, J. R. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90055-3 · Cited by 2,575
More Than Words: Quantifying Language to Measure Firms' Fundamentals
TETLOCK, P. C., SAAR‐TSECHANSKY, M., & MACSKASSY, S. (2008) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01362.x · Cited by 2,304
Verrecchia, R. E. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00025-8 · Cited by 2,303
Healy, P. M., & Palepu, K. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.258514 · Cited by 2,097
How investment bankers determine the offer price and allocation of new issues
Benveniste, L. M., & Spindt, P. A. (1989) · Journal of Financial Economics · doi:10.1016/0304-405x(89)90051-2 · Cited by 1,815
Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?
Loughran, T., & Ritter, J. R. (2002) · Review of Financial Studies · doi:10.1093/rfs/15.2.413 · Cited by 1,384
The role of venture capital in the creation of public companies
Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90064-7 · Cited by 1,167
The underpricing of initial public offerings and the partial adjustment phenomenon
Hanley, K. W. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90019-8 · Cited by 987
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Cited by
When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks
LOUGHRAN, T., & MCDONALD, B. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01625.x · Cited by 6,015
All the News That's Fit to Reprint: Do Investors React to Stale Information?
Tetlock, P. C. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhq141 · Cited by 677
How to talk when a machine is listening: Corporate disclosure in the age of AI
Cao, S., Jiang, W., Yang, B., & Zhang, A. L. (2023) · The Review of Financial Studies · doi:10.1093/rfs/hhad021 · Cited by 222
Metadata
- Authors
- Hanley, K. W., & Hoberg, G.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2010-04-29
- Volume
- 23
- Issue
- 7
- Pages
- 2821-2864
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2165055178
- Cited by
- 594
- References
- 38
- FWCI
- 58.52
- Type
- journal article
- Language
- en
- Open access
- green
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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.
