Examining a sample of more than 4,600 IPOs across 24 countries from 2000-2004, we find that firm- and deal-specific characteristics widely used in IPO single-country underpricing studies (e.g., offer size, underwriter reputation, and industry) can explain variation in an international cross ...
We study the association between environmental, social, and governance (ESG) government risk management and firm-level IPO underpricing between 2008 and 2018. Examining 7446 IPOs issued in 36 countries, we find that IPO underpricing tends to be lower in countries with higher ESG Government Ratings....
1. Baker, E. D., Boulton, T. J., Braga-Alves, M. V., & Morey, M. R. (2021). ESG government risk and international IPO underpricing. Journal of Corporate Finance, 67, 101913. 2. Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG perform...
ESG government risk and international IPO underpricing J. Corp. Finance (2021) J. Brogaard et al. Stock liquidity and default risk J. Financ. Econ. (2017) Yangyang Chen et al. National culture and corporate cash holdings around the world J. Bank. Finance (2015) M. Dang et al. Does man...
(PVAR) model to investigate the bidirectional relationships among ESG uncertainty, stock price crash risk, and investor attention. While other studies have explored the links between ESG divergence and stock price crash risk, their focus has been on unidirectional impacts and static analyses (Dong et...
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specifically idiosyncratic risk, may decisively influence success or failure when companies go public. Idiosyncratic risk is an important indicator of IPO performance and survival in the aftermarket. Therefore, we ask the following research question: How do voluntary ESG disclosure and scores at the tim...
around; (5) companies used a positive tone when there was no risk of bankruptcy while reducing their use of negative tones; and (6) the study demonstrated that disclosure tone, particularly negative and litigious tones, had distinct associations with the cost of capital and its components....
To hasten the adoption of the ENRM Guidelines by financial institutions, in 2022, the MAS issued information papers on the environmental risk management practices of banks, insurers and asset managers, which included reports on the progress made in implementing the ENRM Guidelines....