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Volume :16 Issue : 3 2009      Add To Cart                                                                    Download

Audit Committee Characteristics and Pricing of Seasoned Equity Offerings

Auther : Ali R. Almutairi

This paper examines the association between audit committee (AC) characteristics and the degree of under-pricing for companies issuing seasoned equity offerings (SEOs). In a sample of SEOs issued in 1998, the results suggest that companies composed entirely of independent AC members enjoy a lower degree of SEO under-pricing. In addition, companies with an AC composed of competent directors experience lower under-pricing. However, there is a partial support for the hypothesis that suggests a negative link between AC activity and under-pricing. On general, these results support the notion that the characteristics of AC members improve companies’ ability to mitigate information asymmetry and raise equity capital.

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