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The litigation risk hypothesis of IPO underpricing posits that issuers underprice IPOs in an effort to avoid costly … litigation and that underpricing should be greater for issuers with ex-ante higher levels of litigation risk. This paper … underpricing does deter traditional IPO cases more compared to that effect in the pre-1995 period. In the period after that …
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One of the IPO-related anomalies that have been well-discussed in the finance literature is the IPO's long-running underperformance. Two of the major explanations of that phenomenon are: "Hot market" and earnings management. This study investigates the relative importance of these two...
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