In the early stages of the global financial crisis and the COVID-19 crisis, bond issuance by non-financial and non-bank financial corporations in the developed economies hit record levels. However, the underlying reasons for this are different: during the global financial crisis, bond issuances...

This study analyzes the relationship between COVID-19 related fear and short-term IPO performance. Though the average market-adjusted initial return of IPOs in the year 2020 is higher than that of the last four decades, it decreases if fear of pandemic increases. The evidence is robust when we...

We investigate the impact of the Covid-19 pandemic on global IPO underpricing. Using a sample of 6,113 IPOs from 32 countries, we find that firms issued during the pandemic have 17.6% more underpricing than those issued before the pandemic. We also analyze the effect of firm fundamentals,...