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Outperforming markets: IC and the long-term performance of Japanese IPOs
Aalborg University.
Jönköping University, Jönköping International Business School, JIBS, Business Administration.ORCID iD: 0000-0001-9055-950X
Kobe University.
2015 (English)In: Accounting Forum, ISSN 0155-9982, Vol. 39, no 2, 83-96 p.Article in journal (Refereed) Published
Abstract [en]

This article studies the effects of disclosure practices of Japanese IPO prospectuses on long-term stock performance and bid–ask spread, as a proxy for cost of capital, after a company is admitted to the stock exchange. A disclosure index methodology is applied to 120 IPO prospectuses from 2003. Intellectual capital information leads to significantly better long-term performance against a reference portfolio, and is thus important to the capital market. Further, superior disclosure of IC reduces bid–ask spread in the long-term, indicating that such disclosures are important in an IPO setting. Analysts and investors can attain higher long-term returns by understanding IC.

Place, publisher, year, edition, pages
2015. Vol. 39, no 2, 83-96 p.
Keyword [en]
Voluntary disclosures, Intellectual capital, IPO prospectuses, Long-term performance, Bid–ask spread, Japan
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-28715DOI: 10.1016/j.accfor.2015.04.001ISI: 000358153600001Scopus ID: 2-s2.0-84929949075Local ID: IHHÖvrigtISOAI: oai:DiVA.org:hj-28715DiVA: diva2:888089
Available from: 2015-12-22 Created: 2015-12-22 Last updated: 2015-12-28Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
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