Initial Public Offerings on the Unlisted Securities Market: The Impact of Professional Advisers

摘要: Abstract This paper tests two hypotheses developed in the context of information asymmetry between companies making initial public offerings (IPO) on Unlisted Securities Market and potential investors. It is argued that status sponsor audit firm are interpreted by investors as signals an IPO's quality. The results indicate for IPOs made during 1986–87 level discount associated auditing significantly related. Higher quality firms with lower levels discount. A similar relationship period 1988–89 not detected. suggests there were significant changes IPO market these periods. No either detected sponsor.