International Journal of Management and Applied Science (IJMAS)
current issues
Volume-4,Issue-8  ( Aug, 2018 )
Past issues
  1. Volume-4,Issue-8  ( Aug, 2018 )
  2. Volume-4,Issue-7  ( Jul, 2018 )
  3. Volume-4,Issue-6  ( Jun, 2018 )
  4. Volume-4,Issue-5  ( May, 2018 )
  5. Volume-4,Issue-4  ( Apr, 2018 )
  6. Volume-4,Issue-3  ( Mar, 2018 )
  7. Volume-4,Issue-2  ( Feb, 2018 )
  8. Volume-4,Issue-1  ( Jan, 2018 )
  9. Volume-3,Issue-12  ( Dec, 2017 )
  10. Volume-3,Issue-11  ( Nov, 2017 )

Statistics report
Nov. 2018
Submitted Papers : 80
Accepted Papers : 10
Rejected Papers : 70
Acc. Perc : 12%
Issue Published : 54
Paper Published : 3316
No. of Authors : 6857
  Journal Paper




Paper Title :
Unsolicited Credit Ratings and IPO Underpricing

Author :Hsien-Yi Chen, Shu-Ling Yang, Hui-Wen Yang

Article Citation :Hsien-Yi Chen ,Shu-Ling Yang ,Hui-Wen Yang , (2017 ) " Unsolicited Credit Ratings and IPO Underpricing " , International Journal of Management and Applied Science (IJMAS) , pp. 37-40, Volume-3,Issue-4

Abstract : Numerous previous studies have analyzed solicited credit ratings provided by professional credit rating agencies to examine the relationship between credit ratings and the underpricing of equity offerings. However, solicited credit ratings are inquired for and paid for by companies that have been rated. Firms seek credit ratings because they provide information that is clearly relevant to the future financial decisions involving the firm. In other words, the exploration of this correlation using solicited credit ratings is affected by the endogeneity problem. This paper uses a unique and exogenous unsolicited credit rating database provided by the Taiwan Economic Journal. It also examines a sample of 1306 companies that issued IPOs between January 1995 and December 2014 to investigate the effects of credit rating on IPO underpricing. The results reveal a significantly negative correlation between credit rating and IPO underpricing. In particular, companies with a credit rating are less likely to underprice their IPOs. Index Terms—information asymmetry, IPO, underpricing, unsolicited credit ratings

Type : Research paper

Indexed : Google Scholar


Copyright: © Institute of Research and Journals

| PDF |
Viewed - 39
| Published on 2017-06-26
   
   
IRAJ Other Journals
IJMAS updates
IJMAS -THANK YOU ALL FOR CONTRIBUTING YOUR PAPER TO IJMAS DECEMBER ISSUE.ALL AUTHORS ARE REQUESTED TO GET THEIR HARD COPY NOW.
The Conference World

JOURNAL SUPPORTED BY