Underpricing and IPO ownership retention
Tóm tắt
An agency-theory model of IPO management retention is presented and empirically explored. The model is based upon the differences between the investment public’s and underwriters’ fears of the consequences of management entrenchment and other agency problems. The model suggests that IPO underpricing should be a curvilinear hump-shaped function of retention. A large-sample empirical exploration verifies the curvilinear relation.
Tài liệu tham khảo
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