The Effect Of Disclosure Patterns Of Risk Factors In Prospectus On The Relation Between Strategic Alliances And Underpricing Of Biotechnology IPOs

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Ying Guo
Tawei Wang
Jia-Lang Seng
San-Shuan Hung

Keywords

Risk Factors, Strategic Alliance, IPO Underpricing

Abstract

This study observes a significantly negative moderating effect of the disclosing patterns of risk factors in initial public offerings (IPOs) prospectus on the association between strategic alliances and underpricing of biotechnology IPOs. Our findings suggest that strategic alliances mitigate information uncertainties when risk factor disclosures are less helpful, which alleviates the underpricing.

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