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Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs

The engagement of reputable underwriter and auditor by the listing firm is believed to provide a positive signal to the market, thus reducing the uncertainty surrounding the firm's value. Since audit quality is differentiated, some of the issuing firms switch to more reputable auditors durin...

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Main Author: Mahussin, Norlida
Format: Thesis
Language:English
English
Published: 2003
Subjects:
Forecasting.
Going public (Securities).
Securities.
Online Access:http://psasir.upm.edu.my/id/eprint/9272/1/GSM_2003_12.pdf
http://psasir.upm.edu.my/id/eprint/9272/
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spelling my.upm.eprints.92722024-02-19T02:13:55Z http://psasir.upm.edu.my/id/eprint/9272/ Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs Mahussin, Norlida The engagement of reputable underwriter and auditor by the listing firm is believed to provide a positive signal to the market, thus reducing the uncertainty surrounding the firm's value. Since audit quality is differentiated, some of the issuing firms switch to more reputable auditors during listing to increase the credibility of the financial information in the prospectus. The disclosure of earnings forecast in the prospectus is also perceived to provide information that could reduce the uncertainty. However, evidence from previous studies on these issues is inconclusive. This study investigates the effect of underwriter reputation, auditor choice and auditor switch during listing and earning forecast error on the level of IPOs initial returns. Thus, the main objective is to examine whether these factors provide a signal to potential investors in IPOs that might have consequences on the level of initial return. This study also examines the relationship between the engagement of quality differentiated audit firms and level of earning forecast errors. 2003-11 Thesis NonPeerReviewed text en http://psasir.upm.edu.my/id/eprint/9272/1/GSM_2003_12.pdf Mahussin, Norlida (2003) Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs. Masters thesis, Universiti Putra Malaysia. Forecasting. Going public (Securities). Securities. English
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
English
topic Forecasting.
Going public (Securities).
Securities.
spellingShingle Forecasting.
Going public (Securities).
Securities.
Mahussin, Norlida
Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs
description The engagement of reputable underwriter and auditor by the listing firm is believed to provide a positive signal to the market, thus reducing the uncertainty surrounding the firm's value. Since audit quality is differentiated, some of the issuing firms switch to more reputable auditors during listing to increase the credibility of the financial information in the prospectus. The disclosure of earnings forecast in the prospectus is also perceived to provide information that could reduce the uncertainty. However, evidence from previous studies on these issues is inconclusive. This study investigates the effect of underwriter reputation, auditor choice and auditor switch during listing and earning forecast error on the level of IPOs initial returns. Thus, the main objective is to examine whether these factors provide a signal to potential investors in IPOs that might have consequences on the level of initial return. This study also examines the relationship between the engagement of quality differentiated audit firms and level of earning forecast errors.
format Thesis
author Mahussin, Norlida
author_facet Mahussin, Norlida
author_sort Mahussin, Norlida
title Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs
title_short Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs
title_full Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs
title_fullStr Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs
title_full_unstemmed Forecast Errors and the Effect of Underwriter Reputation and Auditor Influence During Listing on IPOs
title_sort forecast errors and the effect of underwriter reputation and auditor influence during listing on ipos
publishDate 2003
url http://psasir.upm.edu.my/id/eprint/9272/1/GSM_2003_12.pdf
http://psasir.upm.edu.my/id/eprint/9272/
_version_ 1792154391572119552
score 13.211869

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