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Intellectual Capital Disclosure and IPO Results: Is It a Matter of Classification?

In: Bank Funding, Financial Instruments and Decision-Making in the Banking Industry

Author

Listed:
  • Cristiana Cardi

    (Università Politecnica delle Marche)

  • Camilla Mazzoli

    (Università Politecnica delle Marche)

  • Sabrina Severini

    (Università Politecnica delle Marche)

Abstract

We study the effects of Intellectual Capital (IC) disclosure on the IPO results. Previous findings provide inconsistent results, possibly due to the distinct ways in which IC is classified. We apply two different IC classifications to the information disclosed in the listing prospectuses of 74 Italian IPOs issued between 2004 and 2014 and we build different IC disclosure indexes. The indexes are put into a series of regressions regarding the IPO results and then quantified in terms of price adjustment and underpricing. We demonstrate that the effects of IC disclosure on the IPO results are comprehensively consistent across the different IC classifications, although some differences emerge. Such evidence make clear to listing firms the great benefits to be derived from the proper disclosure of their non-financial assets to investors.

Suggested Citation

  • Cristiana Cardi & Camilla Mazzoli & Sabrina Severini, 2016. "Intellectual Capital Disclosure and IPO Results: Is It a Matter of Classification?," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Santiago Carbó Valverde & Pedro Jesús Cuadros Solas & Francisco Rodríguez Fernández (ed.), Bank Funding, Financial Instruments and Decision-Making in the Banking Industry, chapter 8, pages 193-223, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-30701-5_8
    DOI: 10.1007/978-3-319-30701-5_8
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    Cited by:

    1. Cristiana Cardi & Camilla Mazzoli & Sabrina Severini, 2019. "People have the power: post IPO effects of intellectual capital disclosure," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 43(2), pages 228-255, April.

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