规模发行和杠杆对IPO抑价的影响

IF 1.2 Q3 BUSINESS, FINANCE International Journal of Managerial and Financial Accounting Pub Date : 2019-12-04 DOI:10.1504/ijmfa.2019.10025663

M. Gauvin, G. Power

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引用次数: 1

摘要

IPO定价过低是金融市场上一个有据可查的典型事实。尽管已经考虑了许多解释，但规模提供的作用研究不足。本文研究了考虑规模发行、杠杆和法玛-法国风险因素的美国IPO抑价情况。我们发现，在各种规格中，尺寸提供在经济和统计上都具有重要意义。在控制其他变量的情况下，IPO抑价在发行规模上呈下降趋势。讨论了对投资者和公司的影响，并与公司事前的不确定性有关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The effect of size offering and leverage on IPO underpricing

IPO underpricing is a well-documented stylised fact in financial markets. Although many explanations have been considered, the role of size offering is under-studied. This paper investigates US IPO underpricing in a setting that allows for size offering, leverage, and Fama-French risk factors. We find that, across specifications, size offering is economically and statistically significant. IPO underpricing is decreasing in the size offering, controlling for other variables. Implications for investors and firms are discussed and related to firm ex ante uncertainty.

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来源期刊

International Journal of Managerial and Financial Accounting BUSINESS, FINANCE-

CiteScore

2.10

自引率

7.10%

发文量

期刊介绍： IJMFA covers all aspects of managerial and financial accounting. The key difference between managerial and financial accounting is that managerial accounting information is aimed at helping managers within the organisation, while financial accounting is aimed at providing information to external parties. In today''s advanced manufacturing environment, various issues arise for accounting standard-setting practicing professionals. Solving the separate issues of managerial and financial accounting is a significant challenge, and IJMFA assists researchers in overcoming these challenges in an efficient, effective manner.