We analyse the influence of the board of directors and ownership structure on the valuation of IPOs in the Spanish capital market during the period 1998-2013. After controlling for other influences such as the auditor's reputation, the underwriter's reputation and the level of information...

The present research shows the influence of institutional differences on the performance of initial public offerings (IPOs), both at the level of initial underpricing and at the level of 1-, 3- and 5-year performance. Our results represent a relevant empirical contribution to the international...