The determinants of IPO firm prospectus length in Africa

Hearn, Bruce (2013) The determinants of IPO firm prospectus length in Africa. Review of Development Finance, 3 (2). pp. 84-98. ISSN 1879-9337

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This paper studies the differential impact on IPO firm listing prospectus length from increasing proportions of foreign directors from civil as opposed to common law societies and social elites. Using a unique hand-collected and comprehensive sample of 165 IPO firms from across 18 African countries the evidence suggests that increasing proportions of directors from civil code law countries is associated with shorter prospectuses while the opposite is true for their common law counterparts. Furthermore increasing proportions of directors drawn from elevated social positions in indigenous society is related to increasing prospectus length in North Africa while being insignificant in SSA.

Item Type: Article
Keywords: IPO, Board of directors, Disclosure, Africa
Schools and Departments: University of Sussex Business School > Business and Management
Depositing User: Stacey Goldup
Date Deposited: 22 Nov 2016 15:31
Last Modified: 03 Jul 2019 00:22

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