This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010,Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships.The result shows that the audit committee has no effect on the earnings of the first day of listing,and the establishment of the audit committee may not be considered before listing.
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