Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/50414 
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dc.contributor.authorHopp, Christianen
dc.contributor.authorDreher, Axelen
dc.date.accessioned2008-10-23-
dc.date.accessioned2011-10-06T15:41:19Z-
dc.date.available2011-10-06T15:41:19Z-
dc.date.issued2007-
dc.identifier.pidoi:10.3929/ethz-a-005430983en
dc.identifier.urihttp://hdl.handle.net/10419/50414-
dc.description.abstractWe empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries over the period 1988-2005. Our hypotheses stress the importance of institutional and legal factors in explaining cross-country variations. We find that increased protection of shareholders and greater accounting transparency contribute negatively to variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective corporate governance. Moreover, when equity markets perform well, investors anticipate companies and investment banks to time the market and require higher underpricing in return. Overall, we conclude that better investor protection and better institutional environments reduce the perceived risk of investing, and attenuate the problem of asymmetric information, thereby causing lower underpricing across countries.en
dc.language.isoengen
dc.publisher|aETH Zurich, KOF Swiss Economic Institute |cZurichen
dc.relation.ispartofseries|aKOF Working Papers |x172en
dc.subject.jelG15en
dc.subject.jelH2en
dc.subject.jelG1en
dc.subject.ddc330en
dc.subject.keywordIPO underpricingen
dc.subject.keywordinstitutionsen
dc.subject.keywordlegal infrastructureen
dc.subject.keywordpanel dataen
dc.subject.stwUnderpricingen
dc.subject.stwWertpapieremissionen
dc.subject.stwBörsenkursen
dc.subject.stwInstitutionelle Infrastrukturen
dc.subject.stwAnlegerschutzen
dc.subject.stwPublizitätspflichten
dc.subject.stwWelten
dc.titleDo differences in institutional and legal environments explain cross-country variations in IPO underpricing?-
dc.typeWorking Paperen
dc.identifier.ppn583326315en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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