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The main purpose of this study is to examine the disclosure of earnings forecasts in firms' prospectuses to explain investor demands or, in other words, oversubscription rates of Malaysian initial public offerings (IPOs).

Ordinary least squares and robust methods were used to examine cross-sectional data comprising 466 fixed-price IPOs reported for the period from January 2000 to February 2020 on Bursa Malaysia.

The results showed that IPOs with earnings forecasts obtained higher oversubscription rates than those without earnings forecasts. IPOs with earnings forecasts provide value-relevant signals to prospective investors about the good prospects of firms, resulting in an increase in the demand for IPO shares. For the IPO samples listed during the global financial crisis (GFC) period, IPOs with earnings forecasts had negative impacts on the oversubscription rates. These results were robust to quantile methods and the two-stage least squares method.

The research findings provide fresh information for investors regarding the importance of earnings forecasts as a trustworthy signal of a firm’s quality when making share subscription decisions.

The regulator is advised to encourage issuers to include earnings forecasts in their prospectuses since such forecasts help to increase the demand for IPOs.

This study contributes to the literature by offering empirical evidence regarding the signalling impact of earnings forecast disclosures on investor demands for Malaysian IPOs. Moreover, this study provides evidence demonstrating the impact of earnings forecast disclosures on oversubscription rates of Malaysian IPOs during the GFC period.

This brief is designed to inform disaster risk reduction and management in Philippine jails and prisons. It draws upon research conducted in nine jails and prisons between July 2015 and January 2016. This research included 44 interviews with stakeholders, including inmates and prisoners, and nine focus groups with inmates and prisoners in different regions of the country. The research indicates that natural hazards are one amongst the many threats that inmates and prisoners face in their everyday life. Natural hazards are significant because inmates and prisoners are particularly vulnerable. Inmates' and prisoners' vulnerability stems from a thread of proximate and root causes that range from insalubrious and overcrowded facilities and limited resourcing from the government, to the neoliberal nature of the Philippine state. However, inmates and prisoners are not helpless “victims” in dealing with natural hazards. They display a wide range of skills, resources and knowledge (i.e. capacities) that are grounded in everyday practices and values reflective of the broader Philippine society. This policy brief finally makes some recommendations for strengthening hazard prevention, fostering vulnerability mitigation, enhancing preparedness, and reinforcing disaster management in Philippine jails and prisons. These recommendations emphasise the contributions of a number of stakeholders, including the active role of inmates and prisoners who are the first line of defence in facing disasters in jails and prisons.

This study aims to focus on a key unanswered question about how digitalization and the knowledge processes it enables affect firms’ strategies in the international arena.

The authors conduct a systematic literature review of relevant theoretical and empirical studies covering over 20 years of research (from 2000 to 2023) and including 73 journal papers.

This review allows us to highlight a relationship between firms’ international strategies and the knowledge processes enabled by applying digital technologies. Specifically, the authors discuss the characteristics of patterns of knowledge flows and knowledge processes (their origin, the type of knowledge they carry on and their directionality) as determinants for the emergence of diverse international strategies embraced by single firms or by populations of firms within ecosystems, networks, global value chains or alliances.

Despite digital technologies constituting important antecedents and critical factors for the internationalization process, and international businesses in general, and operating cross borders implies the enactment of highly knowledge-intensive processes, current literature still fails to provide a holistic picture of how firms strategically use what they know and seek out what they do not know in the international environment, using the affordances of digital technologies.

This study aims to investigate the moderating role of investor demand on the relationship between the investors' divergence of beliefs and the first-day initial public offering (IPO) return.

The study sample covers the period from 2010 to 2019 and consists of 117 IPOs that are priced using the fixed price and listed on the Malaysian stock exchange (Bursa Malaysia). This study employed both the ordinary least square (OLS) and the quantile regression (QR) methods.

Investor demand, proxied by the over-subscription ratio (OSR), plays a moderating role in increasing the effect of investors' divergence of beliefs on initial return, and the moderation effects vary across the quantile of initial return. Pure moderation effects are observed at the bottom and top quantiles, suggesting that investor demand is necessary for divergence of beliefs to influence IPO initial return. However, at the middle quantile of initial return, investor demand is a quasi-moderator. That is, the OSR not only moderates the relationship between the divergence of beliefs and initial return but also has a positive effect on the initial return.

Investors' excessive demand for an IPO issue exacerbates the IPO under-pricing issue induced by a divergence of beliefs amongst investors, thus rendering greater equity market inefficiency.

To the authors' knowledge, this study is amongst the first to empirically investigate the moderating role of investor demand on the investors' divergence of beliefs and IPO initial return relationship.