Can Accounting Information Act as A Proxy Ex Ante Uncertainty in Initial Public Offerings ?  

Oleh:

Gumanti, Tatang Ary

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: International Journal of Business vol. 5 no. 2 (May 2003), page 249-269.
Topik: underpricing; accounting information; ex ante uncertainty; initial public offering (IPO); underpricing

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II51.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper reviews and summarizes previous works and the rationale for the proposition that accounting information is in fact value relevat in the determination of an initial public offering (IPO). Theoretical and empirical evidence has indicated that certain accounting measures can be used as proxies for total firm risk that is they could determine the riskiness of a corporation. The literature also advocates that accounting information is relevant in determining the value and thus the riskiness of a corporation through the use of accounting analysis. Since most of the information available in the prospectus is accounting information, it is argueable that this information represents a potential source for assessing the issuing firm. Some scholars have also advocated the posibility of using accounting information in assessing the value of firm making an IPO. Numerous papers have provided analytical and empirical evidence of the association between accounting numbers and the value of IPOs. The conclusion generally comes to show that information in the prospectus is value relevant concerning the IPO. The paper shows that it is indeed an arguable to use accounting information in the valuation of an IPO. Accordingly, it is an empirical issue whether accounting information has the property in explaining the ex ante uncertainty of an IPO.

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