TY  - SER
AU  - Nielsen, Christian.
AU  - Rimmel, Gunnar.
AU  - Yosano, Tadanori.
TI  - Outperforming markets: IC and the long-term performance of Japanese IPOs 
SN  - 0155-9982
U1  - BPer. 657.05 
PY  - 2015///
CY  - ---Amsterdam
PB  - Elsevier Ltd.
KW  - Stock Exchange
KW  - Intellectual capital
KW  - Capital markets
N1  - Include references
N2  - This article studies the effects of disclosure practices of Japanese IPO propectuses on long-teram stock performance and bid-ask spread, as a proxy for cost of capital, after a company is admitted to the stock exchange. A disclosure index methodology is applied to 120 IPO prospectuses from 2003. Intellectual capital information leads to significantly better long-tearm performance against a reference portfolio, and is thus important to the capital market. Further, superior disclosures are important in an IPO setting. Analysts and investors can attain higher long-tearm returns by understanding IC
ER  -