{"title":"律师经验和IPO定价","authors":"R. R. Barondes, Gary C. Sanger","doi":"10.2139/ssrn.227729","DOIUrl":null,"url":null,"abstract":"We examine the level of experience of law firms participating in IPOs and the impact of law firm experience on IPO pricing. We find a statistically significant, negative relationship between market share of the law firm representing the investment banks and IPO price. In general, the relationship between legal counsel to the issuer and IPO price is of the same sign but not statistically significant, at customary levels, in all model specifications. We also find regional variations; there is a statistically significant, negative relationship between price and the participation of New York City underwriters? lawyers. This evidence is consistent with more practiced legal counsel requiring more negative disclosure in prospectuses.","PeriodicalId":272257,"journal":{"name":"Corporate Finance and Organizations eJournal","volume":"114 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2000-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Lawyer Experience and IPO Pricing\",\"authors\":\"R. R. Barondes, Gary C. Sanger\",\"doi\":\"10.2139/ssrn.227729\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the level of experience of law firms participating in IPOs and the impact of law firm experience on IPO pricing. We find a statistically significant, negative relationship between market share of the law firm representing the investment banks and IPO price. In general, the relationship between legal counsel to the issuer and IPO price is of the same sign but not statistically significant, at customary levels, in all model specifications. We also find regional variations; there is a statistically significant, negative relationship between price and the participation of New York City underwriters? lawyers. This evidence is consistent with more practiced legal counsel requiring more negative disclosure in prospectuses.\",\"PeriodicalId\":272257,\"journal\":{\"name\":\"Corporate Finance and Organizations eJournal\",\"volume\":\"114 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2000-05-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Finance and Organizations eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.227729\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Finance and Organizations eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.227729","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We examine the level of experience of law firms participating in IPOs and the impact of law firm experience on IPO pricing. We find a statistically significant, negative relationship between market share of the law firm representing the investment banks and IPO price. In general, the relationship between legal counsel to the issuer and IPO price is of the same sign but not statistically significant, at customary levels, in all model specifications. We also find regional variations; there is a statistically significant, negative relationship between price and the participation of New York City underwriters? lawyers. This evidence is consistent with more practiced legal counsel requiring more negative disclosure in prospectuses.
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