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This study aims to empirically validate that a knowledge-based view (KBV) is an important framework to understand price discovery processes in initial public offerings (IPOs) by emphasizing the unique feature of knowledge creation jointly invoked by underwriters and institutional investors during the book building phase.

The authors decompose underwriters’ incremental knowledge acquisition into objective knowledge – acquired from premarket bids – and subjective knowledge – which is orthogonal to the objective knowledge. The authors implement a multiplicative heteroscedasticity model to analyze how each knowledge component relates to the level and volatility (as a proxy of pricing uncertainty) of post-issue returns. The authors take the 2007 regulatory change as a quasi-natural experiment in which institutional investors were incentivized to provide true information.

For Korean IPOs, the authors find that the objective (subjective) knowledge component reduces (increases) both pricing uncertainty and underpricing. The authors also observe that the efficacy of the IPO knowledge creation critically depends on the quality of the information provided by institutional investors, as anticipated by the KBV literature.

Using fine-grained knowledge measures, the authors provide original, compelling evidence that objective (subjective) knowledge formulated from the IPO knowledge-creation processes de facto alleviates (worsens) underwriters’ pricing difficulties. This reinforces the importance of knowledge-based mechanisms in managerial decision-making processes.

The purpose of this paper is to examine the determinants of learners' satisfaction with a new blended learning method, namely online video presentations.

The study tests the proposed model using responses from 353 students who were exposed to the new method. Regression analysis was used to test the hypotheses.

The results show that both the perceived social (e.g. reduction in comparison bias) and utilitarian (e.g. presentation originality) benefits increase satisfaction with the online video presentation method, from both the creator's and the learner's perspectives.

This study provides several guidelines to instructors employing blended learning methods, as well as designers of platforms that enable blended learning.

This study provides a model to understand the determinants of learners' satisfaction with a new blended learning method. It looks at these determinants from both the content creators' perspective and the content viewer's perspective.