Political money contributions of US IPOs

被引：27

作者：

Gounopoulos, Dimitrios ^{[1
]}

Kallias, Antonios ^{[2
]}

Kallias, Konstantinos ^{[2
]}

Tzeremes, Panayiotis G. ^{[3
]}

机构：

[1] Newcastle Univ, Business Sch, Newcastle Upon Tyne NE1 4SE, Tyne & Wear, England

[2] Univ Portsmouth, Portsmouth Business Sch, Portsmouth PO1 3DE, Hants, England

[3] Univ Thessaly, Dept Econ, Korai 43, Volos 38333, Greece

来源：

JOURNAL OF CORPORATE FINANCE | 2017年 / 43卷

关键词：

Initial public offerings; IPO underpricing; Political connections; INITIAL PUBLIC OFFERINGS; LONG-RUN PERFORMANCE; PRIVATIZED FIRMS; LITIGATION RISK; CONNECTIONS; PARTICIPATION; REPUTATION; ISSUES; CERTIFICATION; DETERMINANTS;

D O I：

10.1016/j.jcorpfin.2016.12.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We produce the first study to explore the effect of political money contributions on IPOs. Exploiting a hand-collected database, we show that both lobbying and PAC expenditure pay off on issue day as donors incur less underpricing, an effect that can be amplified by contribution size and strategic targeting of recipients. Investigating the causes in multiple channels, we also associate donor IPOs with negative offer price revisions and lower aftermarket volatility. Collectively, our results offer new empirical grounding to the information asymmetry theory. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：19 / 38

页数：20

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