Societal secrecy and IPO underpricing

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dc.contributor.authorChen, Yangyangen
dc.contributor.authorAndy C.W. Chui, Andy C. W.en
dc.contributor.authorGoyal, Abhinaven
dc.contributor.authorVeeraraghavan, Madhuen
dc.date.accessioned2024-08-21T14:42:36Z
dc.date.available2024-08-21T14:42:36Z
dc.date.issued2022-08-05en
dc.description.abstractWe examine how societal secrecy affects the underpricing of initial public offerings (IPOs). Using a large sample of 18,304 IPOs across 38 countries, we find robust evidence that IPO underpricing is positively related to societal secrecy. Additional analyses reveal that investor protection, market openness, and third-party certification moderate the effect of societal secrecy on IPO underpricing. We find that societal secrecy influences IPO underpricing through the information asymmetry, demand for control, and information cascade channels. Collectively, we show that societal secrecy exerts a strong influence on IPO underpricing globally.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.articleid102257en
dc.identifier.citationChen, Y., Chui, A. C., Goyal, A. and Veeraraghavan, M. (2022) 'Societal secrecy and IPO underpricing', Journal of Corporate Finance, 76, 102257 (21pp). https://doi.org/10.1016/j.jcorpfin.2022.102257en
dc.identifier.doihttps://doi.org/10.1016/j.jcorpfin.2022.102257en
dc.identifier.endpage21en
dc.identifier.issn0929-1199en
dc.identifier.journaltitleJournal of Corporate Financeen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/16222
dc.identifier.volume76en
dc.language.isoenen
dc.publisherElsevier B.V.en
dc.rights© 2022, Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 license.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectInitial public offeringsen
dc.subjectCross-border investmentsen
dc.subjectSocietal secrecyen
dc.subjectCultureen
dc.titleSocietal secrecy and IPO underpricingen
dc.typeArticle (peer-reviewed)en
oaire.citation.volume76en
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