Do reputable certifiers of quality exploit their reputations? Evidence from China’s IPO market
2018
While the theoretical literature predicts that reputable certifiers of quality may exploit their reputations, empirical evidence on reputation exploitation is limited. Using a sample from China’s IPO market, we find that underwriter (certifier) reputation is positively related to issuer earnings quality in cold markets. Consistent with reputation exploitation, this positive relationship disappears in hot markets.
Keywords:
- Correction
- Source
- Cite
- Save
- Machine Reading By IdeaReader
14
References
1
Citations
NaN
KQI