This journal ceased publication in 2012
Online from: 1996
Subject Area: Accounting and Finance
|Title:||Is there an association between intellectual capital disclosure, underpricing and long-run performance?|
|Author(s):||J-L.W. Mitchell van der Zahn, (School of Accounting, Curtin University of Technology, Perth, Australia), Inderpal Singh, (Curtin University of Technology, Perth, Australia), Joshua Heniro, (Curtin University of Technology, Perth, Australia)|
|Citation:||J-L.W. Mitchell van der Zahn, Inderpal Singh, Joshua Heniro, (2007) "Is there an association between intellectual capital disclosure, underpricing and long-run performance?", Journal of Human Resource Costing & Accounting, Vol. 11 Iss: 3, pp.178 - 213|
|Keywords:||Company performance, Disclosure, Economic returns, Intellectual capital, Singapore|
|Article type:||Research paper|
|DOI:||10.1108/14013380710843773 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – Excessive initial trading day returns (termed underpricing (UP)) and poor long-run performance (LRP) are two well-documented anomalies associated with initial public offerings (IPOs).The primary objective of this study is to empirically test the association between the extent of intellectual capital (IC) disclosure in the prospectus of an unseasoned IPO and: UP and LRP.
Findings – Empirical findings indicate, contrary to expectations, a positive (negative) ICDisc-UP (ICDisc-LRP) association.
Practical implications – It is the opinion that regulators, scholars and practitioners alike need to pay attention to developing a responsible model for reporting IC information so as to prevent a potentially unhealthy speculative environment driven by over-optimism.
Originality/value – The study is the first to simultaneously investigate the linkage between ICDisc and UP and: LRP.
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