How Does Firm and Board Chairman Celebrity Influence IPO Underpricing? Empirical Evidence from China

被引：3

作者：

Ouyang, Zhe ^{[1
]}

Zhu, Xiaoqian ^{[1
]}

Liu, Yang ^{[2
]}

Cheng, Peng ^{[3
]}

机构：

[1] Nanjing Univ Finance & Econ, Dept Business Adm, Nanjing, Jiangsu, Peoples R China

[2] Nanjing Univ Sci & Technol, Sch Econ & Management, 200 Xiaolingwei Rd, Nanjing 210094, Jiangsu, Peoples R China

[3] Nanjing Univ Finance & Econ, Dept Mkt & Logist Management, Nanjing, Jiangsu, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2021年 / 57卷 / 01期

基金：

中国国家自然科学基金;

关键词：

celebrity; information asymmetry; IPO underpricing; signaling theory; INITIAL PUBLIC OFFERINGS; MARKET; CONSEQUENCES; MANAGEMENT; OWNERSHIP; MEDIA; REPUTATION; CEOS; INFORMATION; VALUATION;

D O I：

10.1080/1540496X.2019.1689811

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the relationship between organizational celebrity, the board chairman's celebrity and underpricing. Based on signaling theory, we ?nd that IPO underpricing is low when organizational celebrity or the board chairman's celebrity is high. However, the negative association between board chairman celebrity and IPO underpricing pronounced when IPO ?rms show high performance. Using a sample of 289 initial public offerings over the period 2011-2016 in China, our results support these predictions. This study shows the importance of organizational celebrity and their leader' celebrity in explaining variations in IPO underpricing.

引用

页码：285 / 295

页数：11

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