赌博文化对首次公开发行股票定价偏低的影响

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-06 DOI:10.1016/j.frl.2024.105912

Wen Xu , Linlang Zhang , Kam C. Chan

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引用次数: 0

摘要

我们研究了 IPO 公司所在地区的赌博文化对其 IPO 定价的影响。我们的研究结果表明，平均而言，赌博文化强的地区的 IPO 公司比赌博文化弱的地区的 IPO 公司经营更积极。然后，我们发现这类 IPO 的定价低于同类公司。经过一系列稳健性检验后，研究结果在质量上保持不变。我们将结果解释为，IPO 投资者认为经营激进的 IPO 公司具有良好的上升潜力，并愿意为这些 IPO 支付更高的认购价。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The effect of gambling culture on initial public offering underpricing

We examine the effect of gambling culture where an IPO firm is located on its IPO underpricing. Our findings suggest that an IPO firm in a strong gambling culture region, on average, operates more aggressively than one in a weak gambling culture region. Then, we show that such IPOs exhibit lower underpricing than their counterparts. The findings remain qualitatively the same after an array of robustness checks. We interpret the results as indicating that IPO investors consider aggressively operated IPO firms to have good upside potential and are willing to pay higher subscription prices for these IPOs.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance