Forecast disclosure by initial public offering firms in a low-litigation environment

摘要: Abstract My study examines the level of disclosure forecast information by initial public offering firms (IPO firms) in a low-litigation environment. Based on sample New Zealand IPO firms, associations among earnings their prospectuses and following independent variables are examined: operating history, variance aftermarket returns, proportion inside share ownership, expected short-term earnings, size firms. The has been measured number individual financial years covered forecasts. Firms with higher returns tended to disclose more information, while shares retained owners was negatively related information. Further, relatively lower longer-range There is only weak support for hypothesized negative relationship between history disclosure. Firm size, which used as control variable, not significantly after controlling other explanatory variables. also evidence differences across industries,