Year of Graduation
Determinants of IPO Underpricing: New Evidence from the USA and Russia
Financial Markets and Financial Institutions
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.