offerings (IPOs) and the distance of the issuing firm from the financial centre of a country: for France, Germany and Italy, the … higher the distance, the higher the level of underpricing. Under the maintained assumption that headquarters of institutional … uncertainty regarding the value per share of an issuing firm increases with the firm’s physical distance from the underwriter. As …

magnify the importance of lender-to-borrower distance. Our findings are also obtained with estimation techniques that allow …