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Proximity and IPO underpricing

Abstract:

This paper analyses the relationship between issuers' location and IPO underpricing in the U.S. from 1986 to 2014. Issuers headquartered in rural areas are associated with lower underpricing compared to urban firms. This finding is consistent with strong local bias in rural areas accompanied by superior local information, which associates with more accurate pricing and less money left on the table. The paper further finds that refined measures of local bias, such as proximity to finance profe...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted manuscript

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Publisher copy:
10.1016/j.jcorpfin.2016.03.012

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Institution:
University of Oxford
Department:
Oxford, SSD, SOGE, Geography
Nielsson, U More by this author
Publisher:
Elsevier Publisher's website
Journal:
Journal of Corporate Finance Journal website
Volume:
38
Pages:
92-105
Publication date:
2016-04-14
DOI:
ISSN:
0929-1199
URN:
uuid:b2a47d27-7b06-4ca7-8f38-19790972879b
Source identifiers:
617819
Local pid:
pubs:617819

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