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Auditor Selection and IPO Underpricing
2018This chapter focuses on the selection of an audit firm by UK initial public offering (IPO) firms. It documents that many IPO firms switch to an audit firm in a different segment (big, midsize, or small), which suggests that IPO firms carefully select an audit firm of a particular quality level before they go public. It examines whether the selection of
Koning, Miriam +2 more
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Language similarity and IPO underpricing
European Journal of FinanceIn this study, we investigate whether language similarity between auditors and chairpersons mitigates IPO underpricing. We focus on China, a country with a high incidence of IPO underpricing.
Feng Chen, Haoyu Wang, Pu Zhao
semanticscholar +1 more source
Executive Stock Options and IPO Underpricing
SSRN Electronic Journal, 2006In about one-third of US IPOs between 1996 and 2000, executives received stock options with an exercise price set equal to the IPO offer price (rather than a price determined by the market). Among firms with such “IPO options”, 58 percent of top executives receive a net gain from underpricing, meaning the gain from IPO options exceeds the loss from the
Michelle Lowry, Kevin J. Murphy
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Worldwide short selling regulations and IPO underpricing
Journal of Corporate Finance, 2020We study the impact of country-level short selling constraints on IPO underpricing. Examining 17,151 IPOs from 36 countries, we find that IPO underpricing tends to be greater in countries that ban short selling or security lending and in countries where ...
Thomas J. Boulton +2 more
semanticscholar +1 more source
Family Involvement, Governmental Connections, and IPO Underpricing of SMEs in China
, 2020This study draws on institutional theory to explore the relationship between family involvement, governmental connections, and initial public offering (IPO) underpricing in China.
Jie Yang, Jieqiong Ma, H. Doty
semanticscholar +1 more source
Cash flow uncertainty and IPO underpricing: evidence from income guarantee in Thai REITs
, 2021PurposeThe purpose of this article is to investigate the relationship between cash flow uncertainty and the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) using hand-collected data on income guarantee in Thailand from
Kanis Saengchote, Chittisa Charoenpanich
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Differences of opinion, institutional bids, and IPO underpricing
, 2020Miller (1977) hypothesizes that IPO underpricing arises because the issue price is based on the average opinion while the aftermarket price is set by a minority of optimistic investors.
Shenghao Gao +3 more
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Asymmetric Effect of Media Tone on IPO Underpricing and Volatility
Emerging markets finance & trade, 2020Because of asymmetric information between issuing companies and investors, media coverage plays an important role in conveying information to investors during an initial public offering (IPO).
G. Zou, Hang Li, J. Meng, Chunying Wu
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What causes the IPO underpricing? New evidence from China’s SME market
, 2020We study 10-year IPO initial returns in China’s small and medium-sized enterprise (SME) board between 2006 and 2016, including 755 IPO samples. At the same time, we test how policy changes of IPO pricing and trading mechanism affect first-day initial ...
G. Zou +3 more
semanticscholar +1 more source
From underpricing to unconstrained China's IPO underpricing
2017This paper explores one possible channel that could explain part of the large IPO underpricing of firms listed in the Small and Medium Enterprise Board of Shenzhen Stock Exchange in China. Firms use underpricing to signal their growth potential and attract bank-related investors to establish banking relationship via them.
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