Determinants of IPO Underpricing: New Evidence from the USA and Russia

Student: Kravtcova Inna

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2018

The paper investigates the impact of potential determinants on initial public offering (IPO) underpricing. The study has been carried out in the USA and Russia during 2004-2017. This research confirms that offer size, investment bank reputation and industry can influence on the level of underpricing. However, there are can be some country-specific issues. Moreover, the investigation proves an importance of macroeconomic environment of IPO timing. The results are consistent with several previous empirical researches.

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