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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 …
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This paper examines the impact of expected skewness on IPO underpricing based on a comprehensive set of 17,051 IPOs …
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