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date: 17 January 2019

Abstract and Keywords

From 1998 to 2014, average IPO underpricing at the country level ranged from 1.2% in Argentina to 69.7% in China. What factors account for the high variability of IPO underpricing in the international cross section? This chapter reviews research attempting to answer that question. The chapter begins by providing current evidence on the extent to which IPO underpricing varies internationally. It then focuses on research that ties international underpricing differences to disclosure regulations and practices around the world. Next, the authors evaluate studies that attribute cross-country variation in underpricing in part to differences in corporate governance practices and legal institutions. The chapter concludes with some thoughts about directions for future research in this field.

Keywords: IPO, underpricing, regulation, international business, corporate governance

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