Xin Wang，宋迪 ：《Does local corruption affect IPO underpricing? Evidencefrom China》，刊發于 International Review of Economics and Finance 2021年第73卷
摘要：This study investigates the impact of local corruption on IPO underpricing. We find that compared to firms located in regions with low corruption, firms located in regions with high corruption exhibit higher IPO underpricing. In cross-sectional analysis, we find that high-reputation underwriters and auditors can attenuate the positive relationship between local corruption and IPO underpricing. In addition, we find that the positive relationship between local corruption and IPO underpricing is confined to non-state owned firms. Our study contributes to the literature on the consequences of corruption and the determinants of IPO underpricing.
