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Robust determinants of IPO underpricing and their implications for IPO research - ScienceDirect
Source: sciencedirect.com
Article summary:
1. This article provides a benchmark regression specification for research on the determinants of initial IPO returns.
2. The study identifies fifteen robust variables that explain the variation in initial IPO returns.
3. The evidence has implications for different theories of IPO underpricing and clustering, and demonstrates why having a benchmark specification is important to the future development of this literature.
Article analysis:
The article is generally reliable and trustworthy, as it provides a comprehensive overview of the factors influencing initial public offering (IPO) returns, and presents a parsimonious list of robust variables that explain the variation in these returns. The authors employ five different methodologies to identify relevant or robust influences on initial IPO returns, and consider the implications of these robust influences for different theories of why IPOs are underpriced as well as why they cluster in time. Furthermore, they provide two concrete examples to demonstrate why having a benchmark specification is important to the future development of this literature.
The article does not appear to be biased or one-sided, as it presents both sides equally and explores counterarguments where appropriate. It also does not contain any promotional content or partiality towards any particular theory or argument. Additionally, possible risks are noted throughout the article, such as when discussing potential omitted variables that could influence results.
The only potential issue with the article is that some claims may be unsupported by evidence or missing points of consideration; however, this is likely due to space constraints rather than any intentional omission on behalf of the authors.