TY  - JOUR
AB  - We study the relationship between underwriter prestige, family control, and IPO underpricing in an international setting. Data are collected for 5,789 firms that went public across twenty‐five countries between 1995 and 2002. We find that non‐penny‐stock and non‐U.S. IPOs from countries where firms are predominately family‐controlled benefit from associations with well‐known investment bankers; i.e., these firms are less underpriced than similar firms from countries with a low level of family control. At the same time, our findings support prior evidence that suggests that underwriter prestige is positively related to underpricing in the U.S. IPO market. Family‐controlled firms should consider the findings of this study, which identifies factors that are associated with more successful IPO outcomes.
VL  - 16
IS  - 2
SN  - 1525-383X
DO  - 10.1108/1525383X200800006
UR  - https://doi.org/10.1108/1525383X200800006
AU  - Walker Thomas
PY  - 2008
Y1  - 2008/01/01
TI  - Family Control, Underwriter Prestige, and IPO Underpricing: A Cross Country Analysis
T2  - Multinational Business Review
PB  - Emerald Group Publishing Limited
SP  - 1
EP  - 42
Y2  - 2024/09/24
ER  -