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- Publisher Website: 10.1093/rfs/hhaa007
- Scopus: eid_2-s2.0-85097496254
- WOS: WOS:000595485200002
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Article: Information revealed through the regulatory process: Interactions between the sec and companies ahead of their IPO
Title | Information revealed through the regulatory process: Interactions between the sec and companies ahead of their IPO |
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Authors | |
Keywords | G30 G34 G38 |
Issue Date | 2020 |
Citation | Review of Financial Studies, 2020, v. 33, n. 12, p. 5510-5554 How to Cite? |
Abstract | We analyze communications between the SEC and firms prior to IPOs using LDA analysis and KL divergence. The SEC's concerns closely map onto the regulator's stated mandate: Companies increase prospectus disclosures on precise topics of SEC concern. Revenue recognition is the dominant topic of SEC concern, and it is not independently discovered by investors. Increased SEC concern about it is associated with greater secondary sales, lower post-IPO liquidity, lower post-IPO returns, and a higher probability of withdrawal. The regulator's role during the capital raising process results in increased transparency but contributes to delays in the going public process. |
Persistent Identifier | http://hdl.handle.net/10722/326390 |
ISSN | 2023 Impact Factor: 6.8 2023 SCImago Journal Rankings: 17.654 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Lowry, Michelle | - |
dc.contributor.author | Michaely, Roni | - |
dc.contributor.author | Volkova, Ekaterina | - |
dc.date.accessioned | 2023-03-09T10:00:18Z | - |
dc.date.available | 2023-03-09T10:00:18Z | - |
dc.date.issued | 2020 | - |
dc.identifier.citation | Review of Financial Studies, 2020, v. 33, n. 12, p. 5510-5554 | - |
dc.identifier.issn | 0893-9454 | - |
dc.identifier.uri | http://hdl.handle.net/10722/326390 | - |
dc.description.abstract | We analyze communications between the SEC and firms prior to IPOs using LDA analysis and KL divergence. The SEC's concerns closely map onto the regulator's stated mandate: Companies increase prospectus disclosures on precise topics of SEC concern. Revenue recognition is the dominant topic of SEC concern, and it is not independently discovered by investors. Increased SEC concern about it is associated with greater secondary sales, lower post-IPO liquidity, lower post-IPO returns, and a higher probability of withdrawal. The regulator's role during the capital raising process results in increased transparency but contributes to delays in the going public process. | - |
dc.language | eng | - |
dc.relation.ispartof | Review of Financial Studies | - |
dc.subject | G30 | - |
dc.subject | G34 | - |
dc.subject | G38 | - |
dc.title | Information revealed through the regulatory process: Interactions between the sec and companies ahead of their IPO | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1093/rfs/hhaa007 | - |
dc.identifier.scopus | eid_2-s2.0-85097496254 | - |
dc.identifier.volume | 33 | - |
dc.identifier.issue | 12 | - |
dc.identifier.spage | 5510 | - |
dc.identifier.epage | 5554 | - |
dc.identifier.eissn | 1465-7368 | - |
dc.identifier.isi | WOS:000595485200002 | - |