Media coverage and IPO pricing around the world

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dc.contributor.author Chen, Yangyang
dc.contributor.author Goyal, Abhinav
dc.contributor.author Veeraraghavan, Madhu
dc.contributor.author Zolotoy, Leon
dc.date.accessioned 2020-01-21T12:43:19Z
dc.date.available 2020-01-21T12:43:19Z
dc.date.issued 2019-07-26
dc.identifier.citation Chen, Y., Goyal, A., Veeraraghavan, M. and Zolotoy, L. (2019) 'Media Coverage and IPO Pricing around the World', Journal of Financial and Quantitative Analysis, pp. 1-39. doi: 10.1017/S0022109019000486 en
dc.identifier.startpage 1 en
dc.identifier.endpage 39 en
dc.identifier.issn 0022-1090
dc.identifier.uri http://hdl.handle.net/10468/9543
dc.identifier.doi 10.1017/S0022109019000486 en
dc.description.abstract We study how media coverage impacts pricing of initial public offerings (IPOs) around the world. Higher media coverage in the pre-IPO period leads to lower IPO initial returns. The effect is mitigated in countries with better financial reporting quality, greater shareholder rights protection, and more stringent media censorship, and for IPOs “certified” by reputable intermediaries, while it is amplified in countries with higher levels of media penetration and media trust. Further, IPOs with higher pre-IPO media coverage have lower ex post price revision volatility. Our findings suggest that higher pre-IPO media coverage reduces information asymmetry among investors, leading to less underpriced IPOs. en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Cambridge University Press en
dc.rights © Michael G. Foster School of Business, University of Washington 2019. Published by Cambridge University Press. This article has been published in a revised form in Journal of Financial and Quantitative Analysis https://doi.org/10.1017/S0022109019000486 This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. en
dc.subject Media coverage en
dc.subject IPO pricing en
dc.subject Information asymmetry en
dc.title Media coverage and IPO pricing around the world en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother Abhinav Goyal, Cork University Business School, University College Cork, Cork, Ireland. +353-21-490-3000 Email: abhinav.goyal@ucc.ie en
dc.internal.availability Full text available en
dc.date.updated 2020-01-21T12:34:30Z
dc.description.version Accepted Version en
dc.internal.rssid 495245816
dc.description.status Peer reviewed en
dc.identifier.journaltitle Journal Of Financial And Quantitative Analysis en
dc.internal.copyrightchecked Yes
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress abhinav.goyal@ucc.ie en
dc.internal.bibliocheck In press. Check vol / issue / page range. Amend citation as necessary. en


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