Article2003

IPO Underpricing: A Meta–Analysis and Research Synthesis

Catherine M. Daily · S. Trevis Certo · Dan R. Dalton · Rungpen Roengpitya

211 citations0/0 files storedEntrepreneurship Theory and Practice

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Corporate Finance and Governance Financial Markets and Investment Strategies Private Equity and Venture Capital

Abstract

Initial public offerings (IPOs) have been a prominent focus of academic and popular press attention, especially in recent years. Much of this attention can be attributed to the increase in IPO activity as a function of the “dot com” phenomenon. Of particular interest to both academics and practitioners is IPO underpricing. Review of existing research suggests little consensus regarding those factors associated with underpricing. We provide a meta–analysis of published studies. Our findings reveal a number of significant relationships, many of which are opposite that predicted by signaling theory. Implications of these findings for practice and future research are discussed.

Citations in this library

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References

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Cited by

2009Growing profitable or growing from profits: Putting the horse in front of the cart 2014Socioemotional wealth and IPO underpricing of family firms 2009IPO Research in Management and Entrepreneurship: Moving the Agenda Forward 2018Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities, underwriters, and venture capitalists 2008The Influence of Top Management Team Heterogeneity on the Capital Raised through an Initial Public Offering 2019Does board gender diversity influence voluntary disclosure of intellectual capital in initial public offering prospectuses? Evidence from China

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