Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/50414
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dc.contributor.authorHopp, Christianen_US
dc.contributor.authorDreher, Axelen_US
dc.date.accessioned2008-10-23en_US
dc.date.accessioned2011-10-06T15:41:19Z-
dc.date.available2011-10-06T15:41:19Z-
dc.date.issued2007en_US
dc.identifier.pidoi:10.3929/ethz-a-005430983en_US
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_US
dc.language.isoengen_US
dc.publisher|aKOF |cZürichen_US
dc.relation.ispartofseries|aKOF working papers // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich |x172en_US
dc.subject.jelG15en_US
dc.subject.jelH2en_US
dc.subject.jelG1en_US
dc.subject.ddc330en_US
dc.subject.keywordIPO underpricingen_US
dc.subject.keywordinstitutionsen_US
dc.subject.keywordlegal infrastructureen_US
dc.subject.keywordpanel dataen_US
dc.subject.stwUnderpricingen_US
dc.subject.stwWertpapieremissionen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwInstitutionelle Infrastrukturen_US
dc.subject.stwAnlegerschutzen_US
dc.subject.stwPublizitätspflichten_US
dc.subject.stwWelten_US
dc.titleDo differences in institutional and legal environments explain cross-country variations in IPO underpricing?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn583326315en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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