首次公开发行
金融知识
透明度(行为)
业务
会计
库存(枪支)
股票市场
样品(材料)
金融体系
货币经济学
财务
经济
政治学
机械工程
古生物学
化学
马
色谱法
法学
生物
工程类
作者
Xiaoran Jia,Kiridaran Kanagaretnam,Chee Yeow Lim,Gerald J. Lobo
标识
DOI:10.1017/s0022109023000315
摘要
Abstract Using an international sample of IPO firms and two country-level measures of financial literacy, we find strong evidence that financial literacy is negatively associated with IPO underpricing. In cross-sectional analyses, we find that the effect of financial literacy in reducing IPO underpricing is more pronounced when the information environment is less transparent. Employing path analysis, we document that information friction, firm transparency, and stock market participation are mechanisms that mediate this relationship. Our study contributes to and extends the literature by providing strong evidence that citizens’ financial literacy has an important and consistent influence on IPO underpricing.
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