investor behavior that might be relevant to theories of their underpricing. Respondents were asked for their perception of the … allocation process, their concern with stockbroker or underwriter reputation, their theories of IPO underpricing, and their … existing theories of IPO underpricing. and also suggesting different hypotheses. The impresario hypothesis is that underwriters …

considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe … area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO …

consistent with one or more theories regarding IPOs, many remain a puzzle …

rates of interest firms delay their IPOs. This happens because during the pre-IPO period the firm forgoes earnings that do … rates, and IPO investment was low, with firms delaying their IPOs significantly. A qualitative difference seems to exist …

We create a novel dataset to examine the nature and determinants of dual-class IPOs. We document that dual-class firms …

accurate pricing, the number of investors participating in the offering is larger, and underpricing will be greater. When the … demand for accuracy is relatively low, the expected amount of underpricing exactly offsets the investors' costs of acquiring … information. However, when the demand for accuracy is high, the expected amount of underpricing can exceed the cost of information …

, in particular the decline of the failure rate and the decrease in the age of IPOs …