PurposeThe pivotal aim is to examine the association between underpricing and intellectual capital (IC) disclosures amongst Singapore initial public offerings (IPOs). A secondary aim is to elaborate on the research by Bukh into IC disclosures by Danish IPOs.Design/methodology/approachUsing a theoretical framework based on the notions of ex ante uncertainty and information asymmetry, the study examines empirically 334 Singapore IPO prospectuses between 1997 and 2004.FindingsContrary to theoretical predictions and much of the prior financial disclosure/underpricing research, we find a positive association between underpricing and the extent of IC disclosure. Additional sub‐sample analysis shows that the positive association holds across the market's broader industry base, but is strongest amongst IPOs that are heavily reliant on IC resources.Research limitations/implicationsThe research studies Singapore IPOs only, within a specific timeframe (1997‐2004), and concentrates on a single disclosure mechanism (though the one considered most significant to an IPO).Practical implicationsEmpirical analysis suggests issuers may not use IC disclosures effectively to reduce their cost of capital. Rather, they use IC disclosures as a strategic tool to complement underpricing. Further, findings suggest policymakers may need to introduce minimal uniform IC disclosure requirements to prevent a speculative IPO market from developing as the significance of IC increases.Originality/valueStudy is the first to provide empirical evidence of the association between IC disclosures and underpricing. Further, it is one of the very first to examine the consequences of IC disclosures and thereby provide a new path for future IC disclosure research.
Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is a positive single stranded RNA virus that causes a highly contagious Corona Virus Disease (COVID19). Entry of SARS-CoV-2 in human cells depends on binding of the viral spike (S) proteins to cellular receptor Angiotensin-converting enzyme 2 (ACE2) and on S protein priming by host cell serine protease TMPRSS2. Recently COVID19 has been declared pandemic by World Health Organization yet high differences in disease outcomes across countries have been seen. We provide evidences based on analyses of existing public datasets and by using various insilico approaches to explain some of these as factors that may explain population level differences. One of the key factors might be entry of virus in host cells due to differential interaction of viral proteins with host cell proteins due to different genetic backgrounds. Based on our findings, we conclude that higher expression of ACE2 facilitated by natural variations, acting as Expression quantitative trait loci (eQTLs) and with different frequencies in different populations, results in ACE2 homo-dimerization which is disadvantageous for TMPRSS2 mediated cleavage of ACE2 and becomes more difficult in presence of broad neutral amino acid transporter, B0AT1 (coded by SLC6A19), that usually does not express in Lungs. We also propose that the monomeric ACE2 has higher preferential binding with SARS-CoV-2 S-Protein vis-a-vis its dimerized counterpart. Further, eQTLs in TMPRSS2 and natural structural variations in the gene may also result in differential outcomes towards priming of viral S-protein, a critical step for entry of Virus in host cells. In addition, we suggest some other potential key host genes like ADAM17, RPS6, HNRNPA1, SUMO1, NACA,
This study seeks to answer the research question 'using reliance as the pivotal consideration, what factors determine the efficient and effective interrelationship between internal and external audit?', within the context of the Australian public sector. A qualitative approach, framed within agency theory, was adopted using a case study and structured interviews. Findings included factors supporting prior literature as well as some unique to the research described here. As a result, this article makes a contribution to the literature examining public sector internal and external audit interrelationships as well as the literature on police audit and performance. It also has practical implications for both the case study site and similar organisations throughout the world.
Purpose -The primary objective of this paper is to examine the association between the seven human-resource features (spanning three major themes: qualifications and credentials; business and initial public offering (IPO) launch experience; and diversity) of independent audit committee members and the level of underpricing. Design/methodology/approach -A sample of 410 Singapore IPOs listing on the stock exchange of Singapore from January 1, 1997 to December 31, 2006 was used. Findings -Empirical results overall suggest no overwhelming association between the human-resource features of IPO audit committees and underpricing. Rather, the findings suggest only some specific human-resource features (e.g. presence of an independent audit committee member with accounting qualifications and credentials) are of significance. Others (e.g. gender diversity of independent audit committee members) have little or no association. Also, results do not suggest a major category of human-resource features (i.e. qualifications and credentials, business and IPO launch experience, or diversity) is associated with underpricing. Time also does not appear to affect the results. Practical implications -As human-resource features tended to increase rather than lower an IPO's cost of capital, or had not influence at all, our findings generally do not support some policymakers' arguments for the introduction of mandated uniform audit committee structures. Rather, the results support flexibility to determine the properties of the audit committee. Originality/value -This study is one of the first (particularly outside the USA) to investigate linkages between audit committee human-resource features and underpricing. Whilst acknowledging some caveats associated with this study, such as focusing on a single nation, this paper contributes relevant insights to the debate about audit committee effectiveness.
Acute drug resistance, intolerable side effects and non-specific target activation are the crucial barriers for efficient translational outcome of target directed cancer drug discovery. In the last five years, many of the bull's eye drugs failed to obtain FDA approval because of highly complicated mechanisms of the targeting receptors. These receptors include epidermal growth factor receptor (EGFR) and Insulin-like growth factor receptor 1 (IGF 1R), and are considered as pivotal signaling routes in highly transformed metastatic cancers. IGF 1R and EGFR families show homology in their structure and both the receptors share considerable crosstalk in their functions. An aberrant activation of these two pathways is often diagnosed among many cancer patients. Therefore, target based monoclonal antibodies and small molecule tyrosine kinase inhibitors, either in combination or co-targeting these two receptors may provide a new era of promising therapy and can help in remarkable progress among cancer patients.
Purpose -The primary purpose of this paper is to investigate the association between intellectual capital disclosures in initial public offerings (IPOs) and post-issue stock performance. Design/methodology/approach -The analysis is based on a sample of 259 IPOs listing on the Singapore Stock Exchange (SGX) between July 1, 1999 and June 30, 2005. Post-issue stock performance is measured using market-adjusted buy-and-hold returns across a 500 trading day observation window after listing. Intellectual capital disclosure is measured using an 81-item index. Findings -The study's major finding is a negative association between the level of intellectual capital disclosure in IPO prospectuses and post-issue stock performance. The negative association persists regardless of industry type but is stronger for small IPOs relative to larger counterparts.Research limitations/implications -The study includes only Singapore IPOs within a specific timeframe concentrating on a single disclosure mechanism. Furthermore, the analysis focuses on an association rather than causal relationship. Practical implications -The findings imply greater intellectual capital prospectus disclosure may contribute to investor over-optimism leading to higher IPO mispricing. As information becomes available post-issue, and over-optimistic expectations are not immediately met, investors aggressively discount shares leading to greater negative post-issue stock performance for high IC disclosing IPOs. Pre-listing owners/management may exploit the speculative environment generating higher wealth transfers from investors. Policymakers may need to introduce (some) uniform intellectual capital disclosure requirements to reduce speculative market conditions. Originality/value -This paper documents the first study to provide empirical evidence of the association between intellectual capital disclosures and post-issue stock performance; thus, it offers a new path for future intellectual capital disclosure research and understanding.
Purpose -Excessive initial trading day returns (termed underpricing (UP)) and poor long-run performance (LRP) are two well-documented anomalies associated with initial public offerings (IPOs).The primary objective of this study is to empirically test the association between the extent of intellectual capital (IC) disclosure in the prospectus of an unseasoned IPO and: UP and LRP. Design/methodology/approach -Ex ante uncertainty surrounding IC -recognized as the pivotal resource underlying a firm's future value creation and sustainable competitive advantage in the "new economic" era -is likely to be high. Unseasoned IPOs world-wide are increasing with many IPOs heavily IC-reliant. Given ex ante uncertainty surrounding IC, there is an escalating need to understand how disclosure of information related to IC can reduce an IPO's cost of capital (i.e. UP) and provide an indication of LRP. The analysis is based on a sample of 228 Singapore IPOs listing during the period 1997-2003. IC disclosure (ICDisc) in IPO prospectuses is measured using an 81-item researcher constructed disclosure index. Findings -Empirical findings indicate, contrary to expectations, a positive (negative) ICDisc-UP (ICDisc-LRP) association. Practical implications -It is the opinion that regulators, scholars and practitioners alike need to pay attention to developing a responsible model for reporting IC information so as to prevent a potentially unhealthy speculative environment driven by over-optimism. Originality/value -The study is the first to simultaneously investigate the linkage between ICDisc and UP and: LRP.
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