社会保密与 ADR IPO 定价过低

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2024-01-11 DOI:10.1016/j.jbef.2024.100888

Axel Grossmann , Thanh Ngo , Marc W. Simpson

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引用次数: 0

摘要

本研究对 1990 年至 2020 年间 35 个国家的 350 家三级 ADR IPO 进行了研究，以探讨社会保密与 IPO 定价偏低之间的联系。以 ADR IPO 为重点，我们假设，与低保密性国家的公司相比，来自高保密性国家的公司从低保密性国家的公开发行中获益更多。由于信息不对称的减少和更高的预期多样化收益，美国投资者可能会相对更看重这些公司。结果支持了我们的假设，显示来自高保密性国家的 ADR IPO 定价较低。这些发现在不同的衡量标准和控制措施下都是正确的，从而确保了稳健性。

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Societal secrecy and ADR IPOs underpricing

This study examines 350 Level III ADR IPOs from 35 countries between 1990 and 2020 to explore the link between societal secrecy and IPO underpricing. Focusing on ADR IPOs, we hypothesize that firms from higher secrecy countries, compared to firms from low secrecy countries, benefit more from public offerings in a low secrecy country. U.S. investors might value these firms relatively more due to the reduction in information asymmetry and higher expected diversification benefits. The results support our hypothesis, showing that ADR IPO underpricing is lower for ADRs from high secrecy countries. These findings hold true across various measures and controls, ensuring robustness.

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.