The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

Boulton, Thomas J.; Barrett, Philip; Nixon, Terry David

doi:10.2139/ssrn.4733667

2024

DOI: 10.2139/ssrn.4733667

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The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

Thomas J. Boulton,

Philip Barrett,

Terry David Nixon

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2024

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Cited by 1 publication

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Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings

Boulton

2024

Euro Fin Management

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I use the staggered adoption of mandatory environmental, social, and governance (ESG) disclosure regulations around the world to explore the impact of ESG disclosure on initial public offering (IPO) underpricing. I find robust evidence that underpricing is substantially lower in countries with ESG disclosure mandates. High‐quality disclosure environments moderate and tougher liability standards amplify the negative association between ESG disclosure mandates and underpricing, which suggests that ESG disclosure mandates reduce information asymmetry and litigation risk. The impact of ESG disclosure mandates on underpricing is stronger in countries with more pronounced environmental, social, and governance concerns.

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Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings

Boulton

2024

Euro Fin Management

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The Economic Consequences of Social Unrest: Evidence from Initial Public Offering

Cited by 1 publication

References 45 publications

Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings

Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings

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