首次公开发行
内生性
业务
知情人
货币经济学
工具变量
质量(理念)
社会信任
信息不对称
样品(材料)
中国
会计
财务
经济
社会资本
法学
计量经济学
化学
哲学
认识论
色谱法
政治学
作者
Xiaorong Li,Steven Shuye Wang,Xue Wang
标识
DOI:10.1016/j.jcorpfin.2019.02.006
摘要
This study examines the impact of trust on initial public offering (IPO) underpricing using a large sample of IPO firms in China. We find that firms in regions of high social trust have lower underpricing, consistent with the notion that IPO firms in low-trust regions have to offer greater underpricing to secure participation. This result is robust to a battery of sensitivity tests and after controlling for endogeneity using instrumental variables. We also find that the negative relation between social trust and underpricing is more prominent for small and growth firms, and firms in high-tech industries, consistent with trust playing a more important role in asymmetric information environments. This relation is less pronounced for firms with high insider ownership and political connections, suggesting that investors rely less on trust in these cases; it is less salient when firms are in regions with high quality legal institutions and high average education levels, consistent with trust being a substitute for formal institutions.
科研通智能强力驱动
Strongly Powered by AbleSci AI