Kim, Jaemin; Pukthuanthong‐Le, Kuntara; Walker, Thomas - In: Management Decision 46 (2008) 1, pp. 106-130
revisions, and under‐pricing. Findings – It is found that debt only serves as a signal of better firm quality for low‐tech IPOs …, as reflected in smaller price revisions and lower under‐pricing. For high‐tech IPOs, the effect of leverage is reversed … and greater under‐pricing. The results remain significant after controlling for various firm variables as mentioned above …