IPO Underpricing: A Meta-Analysis and Research Synthesis

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

47 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.

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References

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2019Review of Theoretical Explanations of IPO Underpricing 2017Signalling Roles of Prestigious Auditors and Underwriters in an Emerging IPO Market 2016Venture Capitalists’ Experience and Foreign IPOs: Evidence from China

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