Disclosure of intended use of proceeds and underpricing in initial public offerings

By Andrew J. Leone, S. Rock, Michael Willenborg. 2007

281 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/e314ada86f94bab95f79be2614d3cbdcc9753749

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Citations in the corpus

The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research (2015, unknown): “There are also studies that document that more extensive pre-IPO disclosures are associated with lower underpricing, which is a cost of raising capital (e.g., Schrand and Verrecchia, 2005; Leone et al., 2007).”
IPO Research in Management and Entrepreneurship: Moving the Agenda Forward (2009, background): “Leone, Rock, and Willenborg (2007) examined the uses of funds sections of prospectuses in firms going public between 1993 and 1994.”
The Effect of Issuer Conservatism on IPO Pricing and Performance (2013, unknown): “Leone et al. (2007) examine the relation between the use of proceeds data and IPO underpricing.”
Litigation Risk, Audit Quality, and Audit Fees: Evidence from Initial Public Offerings (2008, background): “21 We note that neither extant literature (e.g., Rock 1986; Pagano et al. 1998; Brau and Fawcett 2006; Leone et al. 2007) nor our sample provide support for the claim that IPO companies suffer from sub-optimal working capital levels, and either go public or use the IPO proceeds to relieve this const”
Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows (2017, methodology): “To reduce this bilateral information asymmetry, an issuer is required to file an SEC registration statement that provides extensive information about the firm (Leone, Rock, and Willenborg, 2007; Loughran and McDonald, 2013).”
The Information Content of IPO Prospectuses (2009, unknown): “The small size of the Use of Proceeds section is somewhat surprising given the results of Leone, Rock, and Willenborg (2007), who find that an increase in the specificity of the intended use of proceeds reduces subsequent underpricing.”
The JOBS Act and IPO Volume: Evidence that Disclosure Costs Affect the IPO Decision (2015, background): “Dye (2001) and Leone, Rock, and Willenborg (2007) argue that proprietary considerations are the primary deterrent to full prospectus disclosure, in large part because proprietary disclosure jeopardizes existing profits (Harris, 1998; Hayes and Lundholm, 1996).”
The Effects of Information Disclosure and Board Independence on IPO Discount** (2008, methodology): “Leone, Rock, and Willenborg (2003) argue that strategic disclosure reduces asymmetric information between the IPO and its investors, improves firm valuation, and helps CHAHINE AND FILATOTCHEV 221 informed investors to better estimate the dispersion of secondary market values.”
Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research (2008, unknown): “and Leuz (2005) is consistent with the earlier findings in Jarrell (1981) that firms shifted from public offerings to private placements after the Securities and Exchange Acts.”
Earnings Quality and International IPO Underpricing (2011, unknown): “Therefore, the higher is the loss avoidance ratio, the greater is the incidence of loss avoidance behavior in a given country and the more opaque are the Finally, Leuz et al. (2003) calculate an overall earnings management figure, aggregate earnings management (AggEM), for each country by ranking ea”