Levels of Voluntary Disclosure in IPO Prospectuses: An Empirical Analysis

This paper focuses on how forecasts information is disclosed in IPO prospectuses. The authors investigate the determinants and consequences of the varying levels of detail provided in these forecasts. Based on a sample of 82 IPOs on the Euronext Paris market (2000-2002), the authors show that only two variables are associated with highly detailed forecast disclosures.