Janice C. Y. How

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In a relatively low litigious environment like Australia, it is common to find IPO firms voluntarily provide forecasts in their prospectus. Using 158 Australian industrial IPOs listed from 1991 to 1997, we examine the impact of the disclosure and accuracy of earnings and dividend forecasts on equity pricing. Our results on the relationship between initial(More)
Dividends have direct cash flow consequences for investors and are important for signalling reasons. Consequently, investors, analysts and managers typically forecast future dividends and report them in various ways. Yet the accuracy of dividend forecasts has been largely neglected in empirical finance. We examine the accuracy of managers’ dividend(More)
This paper uses high frequency data to evaluate whether information asymmetry in the market is reduced as a result of corporate earnings and dividend announcements. Changes in the level of information asymmetry due to the announcements are proxied by the rate of change in trading volume, bid-ask spread, cumulative abnormal returns, and order imbalance. Our(More)
Recent media releases have placed enormous strains on the credibility of the underwriting industry. It has been alleged that underwriters in the US and UK collude and fix underwriting fees. To date, little attention has been paid to the pricing of underwriting services. As underwriting fees constitute a large portion of preliminary expenses for firms going(More)
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