initial underpricing is 7'324% for minerals, 62.31% for oil and nuclear fuel, and 1.12% for multimedia industries. Finally … determinants of initial underpricing of Iranian IPOs. As such, the results yield strong support for the signaling hypothesis as … possible explanation for the underpricing phenomenon on the Iranian IPO market …

I find that U.S. IPO prospectus disclosure exhibits significant correlation with first day underpricing, consistent … with theories of underpricing as caused by informational asymmetry. In particular, a 1 standard deviation increase in … positive prospectus disclosure is associated with almost a third reduction in first day underpricing. More disclosure also has …

and Second Marché between 1991 and 2004. While studies in the US market shown a lower underpricing and a better long run …