CLIFF, MICHAEL T.; DENIS, DAVID J. - In: Journal of Finance 59 (2004) 6, pp. 2871-2901
We report that initial public offering (IPO) underpricing is positively related to analyst coverage by the lead underwriter and to the presence of an all-star analyst on the research staff of the lead underwriter. These findings are robust to controls for other determinants of underpricing and...