Bodnaruk, Andriy; Kandel, Eugene; Massa, Massimo; … - C.E.P.R. Discussion Papers - 2004
accept a lower price for the sale of its shares, i.e. tolerate higher underpricing. We test these hypotheses by considering … of the shareholders and relate them to both the probability of the IPO and the underpricing. We show that companies held … by less diversified shareholders are more likely to go public and suffer a higher underpricing. We show that, as …