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Erscheinungsjahr: 
2011
Quellenangabe: 
[Journal:] BuR - Business Research [ISSN:] 1866-8658 [Volume:] 4 [Issue:] 2 [Publisher:] VHB - Verband der Hochschullehrer für Betriebswirtschaft, German Academic Association of Business Research [Place:] Göttingen [Year:] 2011 [Pages:] 125-147
Verlag: 
VHB - Verband der Hochschullehrer für Betriebswirtschaft, German Academic Association of Business Research, Göttingen
Zusammenfassung: 
This paper examines the impact of the Sarbanes-Oxley Act (SOX), a legal framework intended to increase transparency and accountability of listed companies, on the cost of going public in the US. We expect SOX to increase the direct cost of going public, but decrease the underpricing because of reduced asymmetric information. Our main results corroborate these hypotheses. First, we find an increase in the cost of going public of 90 bp of gross proceeds. Second, we record a reduction in underpricing of 6 pp, which is related to a reduced offer price adjustment. This supports our hypothesis that SOX represents a mechanism to reduce asymmetric information.
Schlagwörter: 
asymmetric information
auditing and legal fees
bookbuilding
IPO
flotation cost
going public
partial adjustment phenomenon
propensity score matching
selection bias
SOX
underpricing
underwriting fees
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