Duong, Huu Nhan; Goyal, Abhinav; Kallinterakis, Vasileios; … - 2021
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 …