Journal of Corporate Finance Volume 38, June 2016, Pages 92–105

地理位置臨近與IPO抑價

作者：Ulf Nielsson , Dariusz Wójcik

摘要：本文使用美國1986-2014的數據，研究了發行公司的地理位置和IPO抑價之間的關系。結果表明總部設于鄉村地區的上市公司相比于位于城市的公司會有着更低的IPO抑價。這一結果和鄉村地區強烈的地理區域偏好和對于優勢信息的運用是相符的，這些導緻了更加精确的發行定價和更少的“留在桌上的錢”。本文進一步揭示了地理區域的選擇，比如臨近金融專業機構和金融專家密集的地點，會比臨近大城市帶來更高的IPO抑價。

關鍵字：IPO抑價；地理臨近；區域偏好

Proximity and IPO underpricing

Ulf Nielsson , Dariusz Wójcik

Abstract

This paper analyses the relationship between issuers' location and IPO underpricing in the U.S. from 1986 to 2014. Issuers headquartered in rural areas are associated with lower underpricing compared to urban firms. This finding is consistent with strong local bias in rural areas accompanied by superior local information, which associates with more accurate pricing and less money left on the table. The paper further finds that refined measures of local bias, such as proximity to finance professionals and density of financial expertise, correlate more with IPO underpricing than proximity to large cities.

Keywords: IPO underpricing; Proximity; Local bias

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0929119916300463

翻譯：田佳琪