Purpose - Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. "economic decentralization" and "political centralization"). Given the significant level of IPO underpricing in China, we examine the impact of local...

Purpose: Given the increasing salience of Environmental, Social, and Governance (ESG) criteria in investment decisions, this study investigates the extent to which pre-Initial Public Offering (IPO) ESG ratings function as a mechanism to reduce information asymmetry and, consequently, influence...

The effect of uncertainty on IPO underpricing, short-term performance after IPO, and hot-and-cold-IPO market cycles have received a great deal of attention in the literature. This study revisits these issues of IPO activities under the Covid-19 pandemic with a focus on the Turkish IPO market....

Purpose Based on the textual-analyzed data covering 2148 IPO firms in China's stock market during the 2007-2018 period, the authors' purpose is to examine the influence of anti-takeover provision (ATP) adoption on initial public offerings (IPO) underpricing and identify the reducing effect of...

This study explores the impact of IPO prospectus language on the prevalent underpricing in European IPOs, using natural language processing techniques. Specifically, it investigates whether a relationship exists between litigious, negative, positive, and uncertain language, as well as the degree...

Along with the European Union, policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards (IFRS) starting from January 1, 2005. Using a before-after estimation design, this study examines the impact of this policy change and...

In an Initial Public Offering (IPO) process, it is expected that there will be different share price valuations by professionals, due to market flaws, meaning information asymmetry among investors. For stockholders - who previously formed the corporate structure of the company - an IPO opens up...

Based on many cases of publicity using social media in the market, this paper empirically examines the damage of microblog publicity to market efficiency by using the sample of IPO companies. The results show that the companies posting microblogs during the IPO publicity period have higher IPO...

The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013. This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission (CSRC) on initial public offering (IPO) underpricing. We find...

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...

This study develops a machine learning-based model to predict Initial Public Offerings (IPO) underpricing in the Thai capital market by integrating firm-specific variables, market indicators, macroeconomic factors, and aspect-based sentiment factors derived from IPO filings. Using Light Gradient...

We examine the impact of science and technology policies on corporate initial public offering (IPO) outcomes in the context of pilot implementation of the China Industry Technology Innovation Strategic Alliance (CITISA). We find that CITISA significantly facilitates IPO financing by increasing...

Purpose: We investigate the impact of board diversity on initial public offering underpricing and firm value. Design/methodology/approach: We examine the relationship between board diversity and IPO underpricing by collecting data on the board size and composition of 470 IPOs listed on the Korea...

We analyze the interaction between management and investors during Chinese IPO roadshows through Jaccard Similarity analysis of written Chinese logograms. We provide evidence that when agreement is high, investor optimism increases, leading to relatively large first-day underpricing. We further...

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead-manage their own bond offerings the underpricing is significantly less as compared to other non-self-marketed offerings. These...

This paper examines the impact of economic policy uncertainty on initial public offering (IPO) underpricing, using a large sample of IPO firms in China. We find that heightened economic policy uncertainty leads to increasing IPO underpricing. Our results are robust to a battery of sensitivity...

This paper examines the performance effects arising from IPO firms retaining their existing bank as a lead manager together with the effects of foreign and domestic lead managers, corporate insiders and private equity investors across West Africa. Using a unique and comprehensive sample of 37...