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| Author: | Lowry, M. Shu, S. |
| Title: | Litigation risk and IPO underpricing |
| Journal: | Journal of Financial Economics
2002 : SEP, VOL. 65:3, p. 309-335 |
| Index terms: | Financing Initial public offerings Pricing Securities |
| Freeterms: | Endogeneity |
| Language: | eng |
| Abstract: | The authors examine the relation between risk and Initial Public Offerings underpricing and test two aspects of the ligitation-risk hypothesis: (1) firms with higher litigation risk underprice their IPOs by a greater amount as a form of insurance and (2) higher underpricing lowers expected litigation costs (deterrence effect). Evidence provides support for both aspects of the litigation-risk hypothesis. |
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