The Relationship between CPAs’ Industrial Expertise and IPO Underpricing.

• Main Authors: Yan-Kai Chang, 張晏愷
• Other Authors: 劉啟群
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/99c3cd

碩士 === 國立臺灣大學 === 會計學研究所 === 105 === This thesis examined whether the short-term return of an initial public offering stock (IPO underpricing hereafter) is significantly affected by the industrial expertise of issuing company’s CPA or not. I segmented industrial expertise into firm-level and partner-level, the former is measured by CPA firm’s industrial market share and the latter is measured by partner’s industrial market share. Results of the examinations suggest that the positive relationship between partner-level industrial expertise and IPO underpricing exists. However, firm-level industrial expertise does not significantly affect IPO underpricing. Instead of Moral Hazard Theory, my empirical results are consistent with Signalling Theory, which stated that audit quality positively affect IPO underpricing.