Name: Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (en Inglés)
Price: 31050.00 CLP
Availability: InStock
Author: Hanley, Kathleen Weiss ; Hoberg, Gerald ; United States Federal Reserve Board
ISBN: 9781288702381

portada Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Kathleen Weiss Hanley

Gerald Hoberg

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.3 cm

Peso

0.10 kg.

ISBN13

9781288702381

Categorías

Política y gobierno

Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (en Inglés)

United States Federal Reserve Board (Autor) · Kathleen Weiss Hanley (Autor) · Gerald Hoberg (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (en Inglés)"

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.