Law Firms as Reputational Intermediaries and the Effect on Us-Bound First Offer IPO Un derpricing
| المصدر: | المجلة العربية للعلوم الإدارية |
|---|---|
| الناشر: | جامعة الكويت - مجلس النشر العلمي |
| المؤلف الرئيسي: | Quttainah, Majdi A. (مؤلف) |
| مؤلفين آخرين: | Paczkowski, William (م. مشارك) |
| المجلد/العدد: | مج22, ع1 |
| محكمة: | نعم |
| الدولة: |
الكويت |
| التاريخ الميلادي: |
2015
|
| الشهر: | يناير |
| الصفحات: | 73 - 90 |
| DOI: |
10.34120/0430-022-001-004 |
| ISSN: |
1029-855X |
| رقم MD: | 670664 |
| نوع المحتوى: | بحوث ومقالات |
| اللغة: | الإنجليزية |
| قواعد المعلومات: | EcoLink |
| مواضيع: | |
| كلمات المؤلف المفتاحية: |
initisl pbulic offerings | first- issue | prestige | law firms
|
| رابط المحتوى: |
عدد مرات التحميل
15
| المستخلص: |
There is information asymmetry between the investment banks that act as underwriters of a first-issue initial public offering (IPO) from outside the U.S. and the subsequent investors. Accordingly, the issued stock can suffer from ‘‘underpricing’’ and fail to maximize potential proceeds of the IPO. The empirical analysis set forth in this paper finds that law firms can act as reputational intermediaries to provide signals of value. Prestigious law firms that represent investment banks are found to reduce underpricing, while the prestige of the law firms representing the issuer can increase underpricing depending on the nation of domicile for the firms. |
|---|---|
| ISSN: |
1029-855X |
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