PPurpose – The purpose of this paper is to examine the relationship between underwriter reputation and initial public offerings (IPOs) initial returns over a 24-year period, from 1980 to 2003. Design/methodology/approach – Two-stage least-squares regression analysis on data from IPOs offered...

Purpose – The purpose of this paper is to examine the relationship between underwriter reputation and initial public offerings (IPOs) initial returns over a 24‐year period, from 1980 to 2003. Design/methodology/approach – Two‐stage least‐squares regression analysis on data from IPOs...