The valuation of initial public offerings (IPOs) is of considerable interest, given the important
role these enterprises play in economic growth and investors' decisions. IPO valuation is …

The present survey article formed the basis of a presentation by G. Richardson to the 8 July
2003 plenary session of the Accounting and Finance Association of Australia and New …

Investors, regulators, academics, and researchers all emphasize the importance of financial
statement comparability. However, an empirical construct of comparability is typically not …

Valuation lies at the heart of much of what we do in finance, whether it is the study of market
efficiency and questions about corporate governance or the comparison of different …

This study compares four broadly available industry classification schemes in a variety of
applications common to capital market research. Standard Industrial Classification (SIC) …

Prior research shows that firms' financial statement comparability improves the accuracy of
market participants' valuation judgments and thus may reduce firms' costs of capital. Distinct …

Applying a “co-search” algorithm to Internet traffic at the SEC׳ s EDGAR website, we develop
a novel method for identifying economically related peer firms and for measuring their …

While IPOs have been underpriced by more than 10% during the past two decades, we find
that in a sample of more than 2,000 IPOs from 1980 to 1997, the median IPO was …

Companies are under increasing pressure to manage their reputation on environmental,
social, and governance (ESG) issues. Auditors are a potential source of ESG risk …

Using unique data, this paper examines investment banks' choice of peers in comparable
companies analysis in mergers and acquisitions. We find strong evidence that product …