...Kun Wang Purpose The purpose of this paper is to examine differences in underpricing for initial public offerings (IPOs) brought to market in Hong Kong, Singapore, and the United States. It intends to determine whether IPO pricing accuracy in Hong Kong is facilitated by the development...

... of earnings. Using data from Singapore and Malaysia, we find both board size and audit committee independence are related to lower abnormal working capital accruals. Furthermore, the relation between audit committee independence and higher quality accounting exists only when the abnormal accruals are income...