Carlos Henrique Firmino de Oliveira, Claudia Lebre Rodrigues, Michele Nascimento Jucá
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引用次数: 0
Abstract
In an Initial Public Offering (IPO) process, it is expected that there will be different share price valuations by professionals, due to market flaws, meaning information asymmetry among investors. For stockholders – who previously formed the corporate structure of the company – an IPO opens up possibilities of immediate gains, as they can purchase at prices lower than established by the structuring agent. On the other hand, underpricing is an indirect cost for the company, as, part of the offer is not collected. Identifying these determinants thus becomes relevant, as this information may be essential for defining the most appropriate share price. Consequently, the purpose of this study is to perform a bibliometric analysis (including the Zipf, Bradford and Lotka Laws), followed by a systematic review of papers analyzing this theme. This analysis uses the VOSviewer and Biblioshiny software packages. As a result, informational asymmetry is confirmed as the main theory clarifying the underpricing event. Noteworthy among the determinants are the reputations of the underwriter and share issuer, the presence of corporate governance mechanisms, and the offering size. Among the knowledge gaps opening up opportunities for further studies on this topic are: investigation of the phenomenon in companies in Latin America or comparatively in emerging countries worldwide, use of a behavioral approach to analyze investor motivations, and the presence of institutional investors as IPO inducers.
期刊介绍:
The mission of the Contemporary Economics is to publish advanced theoretical and empirical research in economics, finance, accounting and management with the noticeable contribution and impact to the development of those disciplines and preferably with practice relevancies. All entirety of methods is desirable, including a falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of a theory, meta-analysis with theoretical implications, constructive replication that clarifies the boundaries or range of a theory for theoretical research as well as qualitative, quantitative, field, laboratory, meta-analytic, and combination for an empirical research. This clear priority for comprehensive manuscripts containing a methodology-based theoretical and empirical research with implications and recommendations for policymaking does not exclude manuscripts entirely focused on theory or methodology. Manuscripts that raise significant, actual topics of international relevance will be highly appreciated. The interdisciplinary approach including – besides economic, financial, accounting or managerial –also other aspects, is welcomed.