id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
abr-152	Huang, Ivy; Gleason, Kimberly; Rosenthal, Leonard; Smith, Deborah	IPO Firms’ Voluntary Compliance with SOX 404 as Evidence on the Value Relevance of Internal Control Quality	2016	14	.pdf	application/pdf	8099	421	51	Underpricing 437 12.36 % 8.70% BHARs - 6 mos 493 -0.83% -5.67% BHARs - 12 mos 493 4.85% -4.47% BHARs - 24 mos 493 -0.90% -17.56% Panel B: Comparison between IPO Firms comply with SOX 404 and IPO firms do not comply SOX 404 Compliance No-Compliance N Mean Media n N Mean Median Underpricing 82 12.09% 7.91% 355 12.46% 9.00% BHARs - 6 mos 98 -3.07% -6.84% 395 -0.27% -5.41% BHARs - 12 mos 98 3.74% -7.45% 395 5.13% -3.01% BHARs - 24 mos 98 0.68% -6.84% 395 -1.30% -19.28% Panel C: Comparison among IPO firms compliant with SOX 404, firms compliant with 404(a), and firms that are not compliant Compliance Manager Only None N Means Media n N Means Median N Means Median Underpricing 82 12.09% 7.91% 248 12.60% 9.40% 107 12.02% 7.43% BHARs - 6 mos 98 -3.07% -6.84% 275 -1.52% -8.00% 120 2.60% -1.96% BHARs - 12 mos 98 3.74% -7.45% 275 3.57% -3.00% 120 8.70% -1.33% BHARs - 24 mos 98 0.68% -6.84% 275 -0.21% -19.30% 120 -3.79% 19.22% Panel A provides descriptive statistics for underpricing and post-IPO performance for the overall sample. IPO firms are not required to comply with Section 404(a) and (b) until the second annual report (10K).	cache/abr-152.pdf	txt/abr-152.txt