Media coverage and IPO pricing around the world

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dc.contributor.authorChen, Yangyang
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorVeeraraghavan, Madhu
dc.contributor.authorZolotoy, Leon
dc.date.accessioned2020-01-21T12:43:19Z
dc.date.available2020-01-21T12:43:19Z
dc.date.issued2019-07-26
dc.date.updated2020-01-21T12:34:30Z
dc.description.abstractWe 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.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationChen, 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/S0022109019000486en
dc.identifier.doi10.1017/S0022109019000486en
dc.identifier.endpage39en
dc.identifier.issn0022-1090
dc.identifier.journaltitleJournal Of Financial And Quantitative Analysisen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/9543
dc.language.isoenen
dc.publisherCambridge University Pressen
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.subjectMedia coverageen
dc.subjectIPO pricingen
dc.subjectInformation asymmetryen
dc.titleMedia coverage and IPO pricing around the worlden
dc.typeArticle (peer-reviewed)en
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