contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …

underpricing by 5.4 percentage points. Our evidence suggests that nepotism has real monetary costs for IPO issuers. We also use our … work: we find a strong positive association between IPO underpricing and affiliated allocations, which strengthens when …

the period from 1977 to 1995. Of particular interest is to examine whether underpricing and the timing of subsequent …