Ownership structure and IPO underpricing

被引：15
|
作者：
Hill, P [1 ]
机构：
[1] Univ Leeds, Sch Business, Leeds LS2 9JT, W Yorkshire, England
来源：
JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2006年 / 33卷 / 1-2期
关键词：
IPO; underpricing; share allocation; monitoring; ownership structure;
D O I：
10.1111/j.1468-5957.2006.01359.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Stoughton and Zechner (1998) and Brennan and Franks (1997) argue that underpricing can be employed to determine post IPO ownership structure, and thereby to influence monitoring and/or control of the company post issue. This paper employs unique data relating to shareholdings of firms listing on the London Stock Exchange, and provides compelling evidence that IPO underpricing does not arise from efforts to determine the ownership structure of the post IPO firm. It is suggested that research is directed elsewhere to find an answer to the underpricing phenomenon, and for means other than IPO underpricing to affect post IPO ownership structure.
引用
收藏
页码：102 / 126
页数：25
相关论文
共 50 条
  • [1] Underpricing and IPO ownership retention
    Richard M. Robinson
    Mary Ann Robinson
    Chien-Chih Peng
    [J]. Journal of Economics and Finance, 2004, 28 (1) : 132 - 146
  • [2] IPO underpricing and ownership monitoring in Japan
    Hideaki Sakawa
    Naoki Watanabel
    [J]. Asian Business & Management, 2020, 19 : 480 - 503
  • [3] IPO underpricing and ownership monitoring in Japan
    Sakawa, Hideaki
    Watanabel, Naoki
    [J]. ASIAN BUSINESS & MANAGEMENT, 2020, 19 (04) : 480 - 503
  • [4] Underpricing, board structure, and ownership An empirical examination of Indonesian IPO firms
    Darmadi, Salim
    Gunawan, Randy
    [J]. MANAGERIAL FINANCE, 2013, 39 (02) : 181 - +
  • [5] Ownership dispersion, costly information, and IPO underpricing
    Booth, JR
    Chua, L
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 1996, 41 (02) : 291 - 310
  • [6] Board of Commissioners' Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia
    Setiawan, Doddy
    Prabowo, Muhammad Agung
    Trinugroho, Irwan
    Noordin, Bany Ariffin Amin
    [J]. ETIKONOMI, 2021, 20 (01): : 185 - 200
  • [7] Board characteristics, ownership concentration and SME IPO underpricing
    Arora, Nischay
    Singh, Balwinder
    [J]. PACIFIC ACCOUNTING REVIEW, 2023, 35 (01) : 19 - 49
  • [8] Underpricing, ownership dispersion, and aftermarket liquidity of IPO stocks
    Zheng, Steven Xiaofan
    Li, Mingsheng
    [J]. JOURNAL OF EMPIRICAL FINANCE, 2008, 15 (03) : 436 - 454
  • [9] Venture capital, ownership structure, accounting standards and IPO underpricing: Evidence from Germany
    Elston, Julie Ann
    Yang, J. Jimmy
    [J]. JOURNAL OF ECONOMICS AND BUSINESS, 2010, 62 (06) : 517 - 536
  • [10] The Impact of Board Structure on IPO Underpricing
    Dolvin, Steven D.
    Kirby, Jill E.
    [J]. JOURNAL OF PRIVATE EQUITY, 2016, 19 (02): : 15 - 21
12345