The Determinants of IPO Firm Prospectus Length in Africa

Hearn, B. (2013). The Determinants of IPO Firm prospectus length in Africa. Review of Development Finance, 3(2): 84-98

30 Pages Posted: 30 Mar 2022

See all articles by Bruce Allen Hearn

Bruce Allen Hearn

University of Southampton; University of Bradford - School of Management

Date Written: February 9, 2013

Abstract

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.

Keywords: IPO; Board of Directors; Disclosure; Africa

Suggested Citation

Hearn, Bruce Allen, The Determinants of IPO Firm Prospectus Length in Africa (February 9, 2013). Hearn, B. (2013). The Determinants of IPO Firm prospectus length in Africa. Review of Development Finance, 3(2): 84-98 , Available at SSRN: https://ssrn.com/abstract=4030689

Bruce Allen Hearn (Contact Author)

University of Southampton ( email )

University Rd.
Southampton SO17 1BJ, Hampshire SO17 1LP
United Kingdom

University of Bradford - School of Management ( email )

Emm Lane
Bradford, West Yorkshire Bd9 4JL
United Kingdom

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