Bigus, Jochen; Dreyer, Florian - In: Abacus 59 (2023) 3, pp. 735-775
higher levels of country‐level accounting enforcement are associated with lower levels of IPO underpricing. IPOs in countries … with a relatively low accounting enforcement score (second quintile) exhibit a mean underpricing of 19%, whereas the mean … their accounting enforcement in the 2003–2009 period, the level of IPO underpricing decreased significantly. We show that …