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, backed by venture capital firms, and with better disclosure...

This study focuses on characteristics of green bond issuers, and more specifically on ownership as a driver of green bond issuance. We test the impact of firm ownership on green bond issuance from a sample of issuers of green and non-green bonds in 18 countries for the 2013–2017 period. We...

Using federal judge ideology as an exogenous measure of firms’ ex ante litigation risk, we document that the initial public offerings (IPOs) of the firms headquartered in more liberal circuits are more underpriced. The effect is mitigated when plaintiffs’ pleading standards are more...

This study analyzes the IPOs of the firms that are eventually included in one of the three well-known indices: the S&P 400, the S&P 500, or the S&P 600 Indices. The determinants of each IPO firm's odds of inclusion into a particular index are estimated. Other offer related characteristics of...

During the latter part of the 1990s the introduction of the euro, the dramatic increase in the supply of venture capital in most EU countries, and the creation of several 'new' equity markets targeted at innovative firms have dramatically transformed the financing prospects of European...

The study investigates the price behavior after initial public offerings (IPOs) listed on the Warsaw Stock Exchange from 2004 to 2009. It focuses on possible explanations for the IPO phenomenon within the context of Poland and provides evidence on the relation between both the company size and...

Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held...