Global board reforms and the pricing of IPOs

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dc.contributor.authorChen, Yangyang
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorZolotoy, Leon
dc.date.accessioned2022-02-11T11:49:44Z
dc.date.available2022-02-11T11:49:44Z
dc.date.issued2021-04-08
dc.date.updated2022-02-11T11:31:36Z
dc.description.abstractWe document that global board reforms are associated with a significant reduction in IPO underpricing. The effect is amplified for IPOs with greater agency problems and mitigated for IPOs certified by reputable intermediaries, IPOs with greater disclosure specificity, and IPOs in countries with better shareholder protection and stringent financial reporting regulations. Furthermore, global board reforms have led to an improvement in the long-Term market performance, proceeds, and subscription level of IPOs, and have enhanced board independence in the issuing firms. Our findings suggest that global board reforms have strengthened board oversight in the issuing firms, leading to less underpriced IPOs.en
dc.description.statusPeer revieweden
dc.description.versionPublished Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationChen, Y., Goyal, A. and Zolotoy, L. (2021) 'Global board reforms and the pricing of IPOs', Journal of Financial and Quantitative Analysis. doi: 10.1017/S0022109021000223en
dc.identifier.doi10.1017/S0022109021000223en
dc.identifier.eissn1756-6916
dc.identifier.endpage32en
dc.identifier.issn0022-1090
dc.identifier.journaltitleJournal of Financial and Quantitative Analysisen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/12556
dc.language.isoenen
dc.publisherCambridge University Pressen
dc.rights© 2021, the Authors. Published by Cambridge University Press on behalf of the Michael G. Foster School of Business, University of Washington. This material is free to view and download for personal use only. Not for re-distribution, re-sale or use in derivative works.en
dc.subjectGlobal board reformsen
dc.subjectUnderpriced IPOsen
dc.titleGlobal board reforms and the pricing of IPOsen
dc.typeArticle (peer-reviewed)en
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