Banerjee, Suman; Dai, Lili; Shrestha, Keshab - In: Journal of Corporate Finance 17 (2011) 5, pp. 1289-1305
We study the impacts of country-level information asymmetry, investors' home-country bias, effectiveness of contract enforcement mechanisms, and accessibility of legal recourse on IPO underpricing in 36 countries around the globe. We find evidence consistent with all four of our hypotheses....