upon lockup expiration. We argue that this was not a coincidence. Underwriters benefited from underpricing vis …

This paper focuses on the underpricing and the short- and long-run performance of Finnish initial public offerings …

codes by Member States of the European Union (EU) have affected IPO underpricing on Member State-regulated markets, where … underpricing declined on Member State-regulated markets after Member States adopted corporate governance codes containing SOX …-like provisions. We do not find a similar reduction in IPO underpricing on exchange-regulated markets. Our results are robust to …

an ideal environment to test numerous underpricing models by simultaneously measuring the effects of allocation … in lower underpricing. This favors models that highlight the importance of the underwriting function on underpricing, and …

existing factors such as market conditions (hot/cold), underwriters’ reputation, and firm characteristics (firm size, E/P, and … magnitude of underpricing is significantly lower, while underperformance is higher than those of in other studies. Our strong … evidence supports the existence of the underpricing by positive initial excess returns (5.94%) and the long …