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【JCF】地理位置临近与IPO抑价

[发布日期]:2016-06-24  [浏览次数]:

Journal of Corporate Finance Volume 38, June 2016, Pages 92–105

地理位置临近与IPO抑价

作者:Ulf Nielsson , Dariusz Wójcik

摘要:本文使用美国1986-2014的数据,研究了发行公司的地理位置和IPO抑价之间的关系。结果表明总部设于乡村地区的上市公司相比于位于城市的公司会有着更低的IPO抑价。这一结果和乡村地区强烈的地理区域偏好和对于优势信息的运用是相符的,这些导致了更加精确的发行定价和更少的“留在桌上的钱”。本文进一步揭示了地理区域的选择,比如临近金融专业机构和金融专家密集的地点,会比临近大城市带来更高的IPO抑价。

关键字:IPO抑价;地理临近;区域偏好

Proximity and IPO underpricing

Ulf Nielsson , Dariusz Wójcik

Abstract

This paper analyses the relationship between issuers' location and IPO underpricing in the U.S. from 1986 to 2014. Issuers headquartered in rural areas are associated with lower underpricing compared to urban firms. This finding is consistent with strong local bias in rural areas accompanied by superior local information, which associates with more accurate pricing and less money left on the table. The paper further finds that refined measures of local bias, such as proximity to finance professionals and density of financial expertise, correlate more with IPO underpricing than proximity to large cities.

Keywords: IPO underpricing; Proximity; Local bias

原文链接:http://www.sciencedirect.com/science/article/pii/S0929119916300463

翻译:田佳琪



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