Market manipulation rules and IPO underpricing

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dc.check.date2022-12-31
dc.check.infoAccess to this article is restricted until 24 months after publication by request of the publisher.en
dc.contributor.authorDuong, Huu Nhan
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorKallinterakis, Vasileios
dc.contributor.authorVeeraraghavan, Madhucora
dc.date.accessioned2021-04-13T12:27:40Z
dc.date.available2021-04-13T12:27:40Z
dc.date.issued2020-12-31
dc.date.updated2021-04-13T12:20:23Z
dc.description.abstractUsing a large sample of 13,459 initial public offerings (IPOs) from 37 countries, we find that trading rules on market manipulation reduce IPO underpricing. The effect is weaker for IPOs certified by reputable intermediaries, in countries with greater shareholder rights protection, better financial reporting quality, and after the adoption of International Financial Reporting Standards. Better trading rules on market manipulation are also related to higher IPO proceeds, subscription-level, and trading volume, lower IPO listing fees, and better long-term post-IPO performance. Our findings are consistent with the notion that exchange trading rules mitigate information asymmetry problems for investors, resulting in lower IPO underpricing.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.articleid101846en
dc.identifier.citationDuong, H. N., Goyal, A., Kallinterakis, V. and Veeraraghavan, M. (2021) 'Market manipulation rules and IPO underpricing', Journal of Corporate Finance, 67, 101846 (20 pp). doi: 10.1016/j.jcorpfin.2020.101846en
dc.identifier.doi10.1016/j.jcorpfin.2020.101846en
dc.identifier.endpage20en
dc.identifier.issn0929-1199
dc.identifier.journaltitleJournal of Corporate Financeen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/11196
dc.identifier.volume67en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S092911992030290X
dc.rights© 2020 Elsevier B.V. All rights reserved. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectExchange trading rulesen
dc.subjectInformation asymmetryen
dc.subjectIPO pricingen
dc.subjectMarket manipulationen
dc.titleMarket manipulation rules and IPO underpricingen
dc.typeArticle (peer-reviewed)en
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