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The Pricing of IPOs Post-Sarbanes-Oxley

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  • Jarrod Johnston
  • Jeff Madura
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    Abstract

    The Sarbanes-Oxley Act (SOX) imposes new requirements for firms going public. Many provisions of SOX should improve the transparency of U.S. firms going public and therefore reduce the uncertainty surrounding their valuation. We find that initial returns of initial public offerings (IPOs) in the United States have declined since SOX. Furthermore, the aftermarket performance of IPOs since SOX is significantly higher. While the expense of public reporting has increased in the United States because of SOX, the valuations of newly public firms at the time of the IPO are subject to less uncertainty and smaller aftermarket corrections. Copyright (c) 2009, The Eastern Finance Association.

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    Bibliographic Info

    Article provided by Eastern Finance Association in its journal Financial Review.

    Volume (Year): 44 (2009)
    Issue (Month): 2 (05)
    Pages: 291-310

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    Handle: RePEc:bla:finrev:v:44:y:2009:i:2:p:291-310

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    Web page: http://www.easternfinance.org/
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    Web: http://www.blackwellpublishing.com/subs.asp?ref=0732-8516

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    Cited by:
    1. Salim Darmadi & Randy Gunawan, 2013. "Underpricing, board structure, and ownership: An empirical examination of Indonesian IPO firms," Managerial Finance, Emerald Group Publishing, vol. 39(2), pages 181-200, January.

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