The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Competitive Costs of Disclosure by Biotech IPOs
Abstract
This study empirically examines the impact of various competitive cost proxies on the extent of product‐related information disclosed by biotech initial public offerings (IPOs) in their prospectuses. The choice of biotech companies, which operate in a fiercely competitive environment, crystalizes the importance of competitive disclosure costs. The focus on product‐related information is aimed at a disclosure set for which potential competitive harm is a priori substantial. Our empirical analyses establish three disclosure determinants: the stage of product development, availability of patent protection, and venture capital backing. Additionally, we find the relative size of ownership retained by pre‐IPO owners to be negatively related to the extent of disclosure, as predicted by signaling models. We also document the expected inverse relation between the extent of information conveyed by the biotech IPOs and widely used measures of information asymmetry: the bid‐ask spread and quoted depth, as well as stock return volatility.
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Cites
Hsiao, C. (2014) · doi:10.1017/cbo9781139839327 · Cited by 7,869
Verrecchia, R. E. (1983) · Journal of Accounting and Economics · doi:10.1016/0165-4101(83)90011-3 · Cited by 3,481
The Economic Consequences of Increased Disclosure
Leuz, C., & Verrecchia, R. E. (2000) · Journal of Accounting Research · doi:10.2307/2672910 · Cited by 2,370
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
Proprietary Costs and the Disclosure of Information About Customers
ELLIS, J. A., FEE, C. E., & THOMAS, S. E. (2012) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2012.00441.x · Cited by 518
The impacts of product market competition on the quantity and quality of voluntary disclosures
Li, X. (2010) · Review of Accounting Studies · doi:10.1007/s11142-010-9129-0 · Cited by 508
Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance
Allison, T. H., Davis, B. C., Webb, J. W., & Short, J. C. (2017) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2017.09.002 · Cited by 462
Corporate Board Governance and Voluntary Disclosure of Executive Compensation Practices*
Laksmana, I. (2008) · Contemporary Accounting Research · doi:10.1506/car.25.4.8 · Cited by 409
Metadata
- Authors
- GUO, R., LEV, B., & ZHOU, N.
- Venue
- Journal of Accounting Research
- Publisher
- Wiley
- Published
- 2004-04-15
- Volume
- 42
- Issue
- 2
- Pages
- 319-355
- ISSN
- 0021-8456 (ISSN-L)
- 1475-679X
- OpenAlex
- W2044148313
- Cited by
- 349
- References
- 3
- FWCI
- 49.56
- Type
- journal article
- Language
- en
- Open access
- closed
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- GUO, R., LEV, B., & ZHOU, N. (2004). Competitive Costs of Disclosure by Biotech IPOs. Journal of Accounting Research. https://doi.org/10.1111/j.1475-679x.2004.00140.x
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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.
