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題名 生技產業IPO風險因子與長期獲利能力之關聯性研究
The association between the risk factor disclosures in IPO prospectus and path-to-profitability of biotech firms
作者 黃庭翊
貢獻者 諶家蘭
黃庭翊
關鍵詞 首次公開發行
生技產業
公開說明書
風險因子
獲利能力
長期績效
Initial public offerings
Biotech industry
Prospectus
Risk factor
Profitability
Long-term performance
日期 2014
上傳時間 2-Mar-2015 10:08:23 (UTC+8)
摘要 本研究主要探討生技產業公開說明書之風險因子揭露對首次公開發行公司5年內的獲利能力做研究，想得知風險因子的揭露是否會影響公司獲利時間的長短。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。
許多文獻指出越來越多公司在尚未獲利前即先行上市，但公司未來的前景及獲利能力卻充滿高度的不確定性，而透過資訊的揭露可使該不確定性下降，因透過揭露，投資者可以了解公司營運狀況及表現，對公司價值能做較正確之判斷， 此時願意提供資金給公司營運，充足的資金使公司未來獲利機會上升。
本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以存活分析檢測假說。實證結果顯示：風險因子的內容描述越著重在某些特定資訊，例如：顧客資訊、重要員工資訊、量化資訊的表達、公司未來不確定性、財務需求時，公司未來獲利能力機會大增，而當更進一步的探究時，又發現對顧客資訊和量化資訊的表達越具體，越詳細時，也會使公司未來獲利機會上升。
This study investigates whether disclosure of risk factors in the prospectus will influence the probability of the biotech firms to attain profitability. Data is collected for biotech companies of U.S IPOs issued from1997 to2012 as the research sample.
Many extant empirical evidences indicate that the proportion of firms going public prior to achieving profitability has been increasing over time. There is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public. Disclosures in the prospector may mitigate the effects of ex-ante uncertainty about firm’s value, and disclosures are potentially important means for management to communicate firm performance and governance to outside investors. Therefore, firms can raise more money by disclosing more information in IPO prospectors, because more information reperesent lower uncertainty between investors and firms.This study uses risk factors in the prospectus as concern issue and expects that the quantity of risk factors and the content or description of risk factors will influence the uncertainty and would mitigate investors’ concern. Referring to past literature, this study builds four-class index for disclosure score and uses two classifications of risk factors to systematically measure risk factors in the prospectus.
The empirical results show that a biotech IPO with more information or some specific information of risk factors, like disclosures of main customers and key employees, will experience good performance after IPO. In addition, more detail descriptions in quantitative risk factors and customers’ information contributed to better performance in the future. In conclusion, disclosure of risk factors in the prospectus are related to firms’ probability of profitability after IPO as expected.
參考文獻 1.Arnold, T., R.P.H. Fishe, and D. North. 2010. The Effects of Ambiguous Information on Initial and Subsequent IPO Returns. Financial Management 39 (4): 1497-1519.
2.Atiase,R.K. 1980. Predisclosure information asymmetries, firm capitalization, earnings reports and security price behavior.Unpublished Ph.D.Thesis, University of California, Berkeley.
3.Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23(1): 21-36.
4.Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17: 223–49.
5.Barry, C. B., C. J. Muscarella, J.W. Peavy, and M. R. Vetsuypens. 1990. The role of venture capital in the creation of public companies. Journal of Financial Economics27 (2) : 447-471.
6.Beatty, R. P., and E. J. Zajac. 1994. Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly 39 (2) : 313-335.
7.Beatty, R.P., and I. Welch. 1996. Issuer expenses and legal liability in initial public offerings. Journal of Law and Economics39 (2) : 545-602.
8.Bharat A. Jain, Omesh Kini. 1999. On investment banker monitoring in the new issues market. Journal of Banking & Finance 23 : 49-84.
9.Bharat A. Jain and Omesh Kini. 1999. The life cycle of initial public offering firms. Journal of Business Finance & Accounting 26 (9).
10.Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review (72) : 323-349.
11.Botosan, C. and Plumlee, M. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research (40) : 21-40.
12.Carter, R. B., F. H. Dark, and A. K. Singh. 1998. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance 53 (1) : 285-311.
13.Cerbioni, F., and A. Parbonetti. 2007. Exploring the effects of corporate governance on intellectual capital disclosure: An analysis of european biotechnology companies. European Accounting Review 16 (4) : 791-826.
Certo, S. T., J.G. Covin, C. M. Daily, and D. R. Dalton. 2001. Wealth and the effects of founder management among IPO-stage new ventures. Strategic Management Journal 22 (6‐7) : 641-658.
14.Choi, F. 1973. Financial disclosure and entry to the European capital market. Journal of Accounting Research 75.
15.Christine A. Botosan 2006. Disclosure and the cost of capital : what do we know? Accounting and Business Research : 31-40.
16.Cyr, L. A., D. E. Johnson, and T. M. Welbourne. 2000. Human resources in initial public offering firms : Do venture capitalists make a difference? Entrepreneurship : Theory and Practice 25(1) : 77-92.
17.Darrell, W., and B. N. Schwartz. 1997. Environmental disclosures and public policy pressure. Journal of Accounting and Public Policy16 (2) : 125-154.
18.Dhaliwal, D., Spicer, B. and Vickrey, D. 1979. The quality of disclosure and the cost of capital. Journal of Business Finance & Accounting 6 (2) : 245-266.
19.Francis, J., LaFond, R., Olsson, P. and Schipper, K. 2004 . Costs of equity and eamings attributes. The Accounting Review 79 : 961-1010.
20.Frankel, R., McNichols, M. and Wilson, P. 1995. Discretionary disclostire and extemal financing. The Accounting Review 70 : 135-150.
21.Freedman, M. and A. J. Stagliano. 1992. European unification, accounting harmonization, and social disclosures. The International Journal of Accounting 27(2) : 112-122.
22.Glosten, L., and P. Milgrom. 1985 . Bid, ask, and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14 : 71–100.
23.Galant, D. 1992. Going public. Institutional Investor 26 (4) : 127-129.
24.Gulati, R. 1999. Network location and learning : The influence of network resources and firm capabilities on alliance formation. Strategic Management Journal 20 (5) : 397–420.
25.Gulati, R., and M.C. Higgins. 2003. Which ties matter when? the contingent effects of interorganizational partnerships on IPO success. Strategic Management Journal 24 (2) : 127-144.
26.Guo, R.J., B. Lev, and N. Zhou. 2004. Competitive costs of disclosure by biotech IPOs. Journal of Accounting Research 42 (2) : 319-355.
27.Guo, R.J., B. Lev, and N. Zhou. 2005. The valuation of biotech IPOs. Journal of Accounting, Auditing and Finance 20 (4) : 423-459.
28.Guthrie, J.P., and L. D. Parker. 1990. Corporate social disclosure practice: A returns, and the long-run performance of IPO stocks. The Journal of Finance 53(1) : 285-311.
29.Cerbioni, F., and A. Parbonetti. 2007. Exploring the effects of corporate governance on intellectual capital disclosure : An analysis of european biotechnology companies. European Accounting Review16 (4) : 791-826.
30.Certo, S. T., J.G. Covin, C. M. Daily, andD. R. Dalton. 2001. Wealth and the effects of founder management among IPO-stage new ventures. Strategic Management Journal 22 (6‐7) : 641-658.
31.Cyr, L. A., D. E. Johnson, and T. M. Welbourne. 2000. Human resources in initial public offering firms: Do venture capitalists make a difference? Entrepreneurship: Theory and Practice 25 (1) : 77-92.
Darrell, W., and B. N. Schwartz. 1997. Environmental disclosures and public policy pressure. Journal of Accounting and Public Policy 16 (2) : 125-154.
Freedman, M. and A. J. Stagliano. 1992. European unification, accounting harmonization, and social disclosures. The International Journal of Accounting 27 (2) : 112-122.
32.Galant, D. 1992. Going Public. Institutional Investor 26 (4) : 127-129.
33.Guo, R.J., B. Lev, and N. Zhou. 2004. Competitive costs of disclosure by biotech IPOs. Journal of Accounting Research 42 (2) : 319-355.
Guo, R.J., B. Lev, and N. Zhou. 2005. The valuation of biotech IPOs. Journal of Accounting, Auditing and Finance 20 (4) : 423-459.
34.Joos, P. 2000. Discussion of the economic consequences of increased disclosure, Journal of Accounting Research 38 : 125-135.
35.Lang, M. and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (2) : 246-271.
36.Leuz, C. and Verrecchia, R. 2000. The economic consequences of increased disclosure. The Journal of Accounting Research 38 : 91-124.
37.Logue, D.E. 1973. On the pricing of unseasoned equity issues: 1965-1969. Journal of Financial and Quantitative Analysis 8 (1) : 91-103.
38.Megginson, W. L., and K. A. Weiss. 1991. Venture capitalist certification in initial public offerings. The Journal of Finance 46 (3) : 879-903.
39.Miller, G.S. 2002. Earnings performance and discretionary disclosure. Journal of Accounting Research 40 (1) : 173-204.
40.M´onica Espinosa and Marco Trombetta 2007. Disclosure interactions and the cost of equity capital : Evidence from the spanish continuous market. Journal of Business Finance & Accounting 34 (9) :1371-1392.
41.Muscarella, C., and M. Vetsuypens. 1989. Initial public offerings and information asymmetry. Working paper, Southern Methodist University.
42.Nam, D., J.D. Arthurs, M.L. Nielsen, F. Mousa, and K. Liu. 2008. Information disclosure and IPO valuation: What kinds of information matter and is more information always better? Frontiers of Entrepreneurship Research 28.
43.Paul M. H, Krishna G. P. 2001. Information asymmetry, corporate disclosure, and the capital markets : A review of the empirical disclosure literature. Journal of Accounting and Economics 31 : 405–440.
44.Pisano, G.P. 1991. The governance of innovation : vertical integration and collaborative arrangements in the biotechnology industry. Research Policy 20 (3) : 237–249.
45.Pingyang. G. 2010. Disclosure quality, cost of capital, and investor welfare. The Accounting Review 85 (1) : 1-29.
46.Reilly, F. K. 1973. Further evidence on short-run results for new issue investors. Journal of Financial and Quantitative Analysis 8 (1) : 83-90.
47.Ritter, J. R. 1984. The hot issue market of 1980. The Journal of Business 57 : 215-239.
48.Randolph P. B and Edward J. Z. 1994 . Managerial incentives, monitoring, and risk bearing : A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly 39 (2)：313-33.
49.Richardson, A., and Welker, M. 2001. Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society 26 : 597-616.
50.Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The Accounting Review 73 (4) : 459-474.
Stoll, H. R. and A. J. Curley. 1970. Small business and the new issues market for equities. Journal of Finance and Quantitative Analysis 5 (3) : 309-322.
51.Stuart, T. E., H. Hoang, and R. C. Hybels. 1999. Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Science Quarterly 44 (2) : 315-349.
52.Verrecchia, R. 1983. Discretionary disclosure. Journal of Accounting and Economics 5 : 179–94.
Verrecchia, R. 2001 . Essays on disclosure. Journal of Accounting and Economics 32 : 97–108.
53.Weber, R. P. 1990. Basic content analysis. Edited by Michael S. Lewis-Beck, Quantitative Applications in the Social Sciences. Beverly Hills, Calif : Sage Publications.
54.Welbourne, T. M., and A. O. Andrews. 1996. Predicting the performance of initial public offerings: Should human resource management be in the equation? Academy of Management Journal 39 (4) : 891-919.
描述 碩士
國立政治大學
會計研究所
101353012
103
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1013530121
資料類型 thesis
dc.contributor.advisor 諶家蘭zh_TW
dc.contributor.author (Authors) 黃庭翊zh_TW
dc.creator (作者) 黃庭翊zh_TW
dc.date (日期) 2014en_US
dc.date.accessioned 2-Mar-2015 10:08:23 (UTC+8)-
dc.date.available 2-Mar-2015 10:08:23 (UTC+8)-
dc.date.issued (上傳時間) 2-Mar-2015 10:08:23 (UTC+8)-
dc.identifier (Other Identifiers) G1013530121en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/73537-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 101353012zh_TW
dc.description (描述) 103zh_TW
dc.description.abstract (摘要) 本研究主要探討生技產業公開說明書之風險因子揭露對首次公開發行公司5年內的獲利能力做研究，想得知風險因子的揭露是否會影響公司獲利時間的長短。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。
許多文獻指出越來越多公司在尚未獲利前即先行上市，但公司未來的前景及獲利能力卻充滿高度的不確定性，而透過資訊的揭露可使該不確定性下降，因透過揭露，投資者可以了解公司營運狀況及表現，對公司價值能做較正確之判斷， 此時願意提供資金給公司營運，充足的資金使公司未來獲利機會上升。
本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以存活分析檢測假說。實證結果顯示：風險因子的內容描述越著重在某些特定資訊，例如：顧客資訊、重要員工資訊、量化資訊的表達、公司未來不確定性、財務需求時，公司未來獲利能力機會大增，而當更進一步的探究時，又發現對顧客資訊和量化資訊的表達越具體，越詳細時，也會使公司未來獲利機會上升。		zh_TW
dc.description.abstract (摘要) This study investigates whether disclosure of risk factors in the prospectus will influence the probability of the biotech firms to attain profitability. Data is collected for biotech companies of U.S IPOs issued from1997 to2012 as the research sample.
Many extant empirical evidences indicate that the proportion of firms going public prior to achieving profitability has been increasing over time. There is considerable uncertainty regarding the long-term economic viability of these firms at the time of going public. Disclosures in the prospector may mitigate the effects of ex-ante uncertainty about firm’s value, and disclosures are potentially important means for management to communicate firm performance and governance to outside investors. Therefore, firms can raise more money by disclosing more information in IPO prospectors, because more information reperesent lower uncertainty between investors and firms.This study uses risk factors in the prospectus as concern issue and expects that the quantity of risk factors and the content or description of risk factors will influence the uncertainty and would mitigate investors’ concern. Referring to past literature, this study builds four-class index for disclosure score and uses two classifications of risk factors to systematically measure risk factors in the prospectus.
The empirical results show that a biotech IPO with more information or some specific information of risk factors, like disclosures of main customers and key employees, will experience good performance after IPO. In addition, more detail descriptions in quantitative risk factors and customers’ information contributed to better performance in the future. In conclusion, disclosure of risk factors in the prospectus are related to firms’ probability of profitability after IPO as expected.		en_US
dc.description.tableofcontents 1. INTRODUCTION 9
1.1 Research Purpose and Motivation 9
1.2 Research Questions 10
1.3 Research Structure 11
2. LITERATURE REVIEW 13
2.1 Asymmetric Information when IPO 13
2.2 Disclosures and Cost of Capital 15
2.3 Risk Factor Disclosures and Content Analysis 16
2.4 The Biotech Industry 18
3 METHODOLOGY 20
3.1 Hypothesis Development 20
3.2 Data Collection 21
3.3 Research Design 23
3.3.1 Approaches to Measure Risk Factors 23
3.3.2 Cox Proportional Hazards models 31
3.4 Research Model 32
3.4.1 Dependent Variable and Independent Variables 32
3.4.2 Control Variables 33
4. RESEARCH RESULTS AND ANALYSIS 35
4.1 Descriptive Statistics 35
4.2 Empirical Results 41
4.2.1 Results for Control Variables 41
4.2.2 Results for profitability after IPO and types of Risk Factors 43
4.2.3 Results for profitability after IPO and score of Risk Factors 47
5. CONCLUSIONS AND DISCUSSION 57
6. RESEARCH LIMITATION AND FUTURE RESEARCH WORKS 59
References 60
Appendix 65		zh_TW
dc.format.extent 1397515 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1013530121en_US
dc.subject (關鍵詞) 首次公開發行zh_TW
dc.subject (關鍵詞) 生技產業zh_TW
dc.subject (關鍵詞) 公開說明書zh_TW
dc.subject (關鍵詞) 風險因子zh_TW
dc.subject (關鍵詞) 獲利能力zh_TW
dc.subject (關鍵詞) 長期績效zh_TW
dc.subject (關鍵詞) Initial public offeringsen_US
dc.subject (關鍵詞) Biotech industryen_US
dc.subject (關鍵詞) Prospectusen_US
dc.subject (關鍵詞) Risk factoren_US
dc.subject (關鍵詞) Profitabilityen_US
dc.subject (關鍵詞) Long-term performanceen_US
dc.title (題名) 生技產業IPO風險因子與長期獲利能力之關聯性研究zh_TW
dc.title (題名) The association between the risk factor disclosures in IPO prospectus and path-to-profitability of biotech firmsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1.Arnold, T., R.P.H. Fishe, and D. North. 2010. The Effects of Ambiguous Information on Initial and Subsequent IPO Returns. Financial Management 39 (4): 1497-1519.
2.Atiase,R.K. 1980. Predisclosure information asymmetries, firm capitalization, earnings reports and security price behavior.Unpublished Ph.D.Thesis, University of California, Berkeley.
3.Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23(1): 21-36.
4.Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17: 223–49.
5.Barry, C. B., C. J. Muscarella, J.W. Peavy, and M. R. Vetsuypens. 1990. The role of venture capital in the creation of public companies. Journal of Financial Economics27 (2) : 447-471.
6.Beatty, R. P., and E. J. Zajac. 1994. Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly 39 (2) : 313-335.
7.Beatty, R.P., and I. Welch. 1996. Issuer expenses and legal liability in initial public offerings. Journal of Law and Economics39 (2) : 545-602.
8.Bharat A. Jain, Omesh Kini. 1999. On investment banker monitoring in the new issues market. Journal of Banking & Finance 23 : 49-84.
9.Bharat A. Jain and Omesh Kini. 1999. The life cycle of initial public offering firms. Journal of Business Finance & Accounting 26 (9).
10.Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review (72) : 323-349.
11.Botosan, C. and Plumlee, M. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research (40) : 21-40.
12.Carter, R. B., F. H. Dark, and A. K. Singh. 1998. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance 53 (1) : 285-311.
13.Cerbioni, F., and A. Parbonetti. 2007. Exploring the effects of corporate governance on intellectual capital disclosure: An analysis of european biotechnology companies. European Accounting Review 16 (4) : 791-826.
Certo, S. T., J.G. Covin, C. M. Daily, and D. R. Dalton. 2001. Wealth and the effects of founder management among IPO-stage new ventures. Strategic Management Journal 22 (6‐7) : 641-658.
14.Choi, F. 1973. Financial disclosure and entry to the European capital market. Journal of Accounting Research 75.
15.Christine A. Botosan 2006. Disclosure and the cost of capital : what do we know? Accounting and Business Research : 31-40.
16.Cyr, L. A., D. E. Johnson, and T. M. Welbourne. 2000. Human resources in initial public offering firms : Do venture capitalists make a difference? Entrepreneurship : Theory and Practice 25(1) : 77-92.
17.Darrell, W., and B. N. Schwartz. 1997. Environmental disclosures and public policy pressure. Journal of Accounting and Public Policy16 (2) : 125-154.
18.Dhaliwal, D., Spicer, B. and Vickrey, D. 1979. The quality of disclosure and the cost of capital. Journal of Business Finance & Accounting 6 (2) : 245-266.
19.Francis, J., LaFond, R., Olsson, P. and Schipper, K. 2004 . Costs of equity and eamings attributes. The Accounting Review 79 : 961-1010.
20.Frankel, R., McNichols, M. and Wilson, P. 1995. Discretionary disclostire and extemal financing. The Accounting Review 70 : 135-150.
21.Freedman, M. and A. J. Stagliano. 1992. European unification, accounting harmonization, and social disclosures. The International Journal of Accounting 27(2) : 112-122.
22.Glosten, L., and P. Milgrom. 1985 . Bid, ask, and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14 : 71–100.
23.Galant, D. 1992. Going public. Institutional Investor 26 (4) : 127-129.
24.Gulati, R. 1999. Network location and learning : The influence of network resources and firm capabilities on alliance formation. Strategic Management Journal 20 (5) : 397–420.
25.Gulati, R., and M.C. Higgins. 2003. Which ties matter when? the contingent effects of interorganizational partnerships on IPO success. Strategic Management Journal 24 (2) : 127-144.
26.Guo, R.J., B. Lev, and N. Zhou. 2004. Competitive costs of disclosure by biotech IPOs. Journal of Accounting Research 42 (2) : 319-355.
27.Guo, R.J., B. Lev, and N. Zhou. 2005. The valuation of biotech IPOs. Journal of Accounting, Auditing and Finance 20 (4) : 423-459.
28.Guthrie, J.P., and L. D. Parker. 1990. Corporate social disclosure practice: A returns, and the long-run performance of IPO stocks. The Journal of Finance 53(1) : 285-311.
29.Cerbioni, F., and A. Parbonetti. 2007. Exploring the effects of corporate governance on intellectual capital disclosure : An analysis of european biotechnology companies. European Accounting Review16 (4) : 791-826.
30.Certo, S. T., J.G. Covin, C. M. Daily, andD. R. Dalton. 2001. Wealth and the effects of founder management among IPO-stage new ventures. Strategic Management Journal 22 (6‐7) : 641-658.
31.Cyr, L. A., D. E. Johnson, and T. M. Welbourne. 2000. Human resources in initial public offering firms: Do venture capitalists make a difference? Entrepreneurship: Theory and Practice 25 (1) : 77-92.
Darrell, W., and B. N. Schwartz. 1997. Environmental disclosures and public policy pressure. Journal of Accounting and Public Policy 16 (2) : 125-154.
Freedman, M. and A. J. Stagliano. 1992. European unification, accounting harmonization, and social disclosures. The International Journal of Accounting 27 (2) : 112-122.
32.Galant, D. 1992. Going Public. Institutional Investor 26 (4) : 127-129.
33.Guo, R.J., B. Lev, and N. Zhou. 2004. Competitive costs of disclosure by biotech IPOs. Journal of Accounting Research 42 (2) : 319-355.
Guo, R.J., B. Lev, and N. Zhou. 2005. The valuation of biotech IPOs. Journal of Accounting, Auditing and Finance 20 (4) : 423-459.
34.Joos, P. 2000. Discussion of the economic consequences of increased disclosure, Journal of Accounting Research 38 : 125-135.
35.Lang, M. and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (2) : 246-271.
36.Leuz, C. and Verrecchia, R. 2000. The economic consequences of increased disclosure. The Journal of Accounting Research 38 : 91-124.
37.Logue, D.E. 1973. On the pricing of unseasoned equity issues: 1965-1969. Journal of Financial and Quantitative Analysis 8 (1) : 91-103.
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