firm, after controlling for other factors. This suggests that the credibility and reputation of the global rating agencies …

We analyze and compare the underpricing and buy-and-hold abnormal returns of depositary receipt equity offerings with … underpricing than foreign equity offerings. U.S. listed ADRs are significantly larger underpriced than non-U.S. listed DRs. Further …

We find a negative relation between democracy and initial public offering (IPO) underpricing for a sample of 23 …,050 IPOs across 45 countries. The effect of democracy on underpricing is weaker for IPOs audited by Big 4 auditing firms … influence on underpricing for firms with higher agency problems, in countries with weaker institutional quality or shareholder …

We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …

-level IPO underpricing between 2008 and 2018. Examining 7,446 IPOs issued in 36 countries, we find that IPO underpricing tends … governance pillars, we find that underpricing tends to be lower in countries with stronger risk management practices in each of … these areas. Additional analysis indicates that the negative impact of ESG ratings on IPO underpricing is more pronounced in …

We document that global board reforms are associated with a significant reduction in IPO underpricing. The effect is …