Political money contributions of US IPO firms
| Autor: | Gounopoulos, Dimitrios, Kallias, Antonis, Kallias, Konstandinos, Tzeremes, Panagiotis |
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| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Zdroj: | Gounopoulos, D, Kallias, A, Kallias, K & Tzeremes, P 2017, ' Political money contributions of US IPO firms ', Journal of Corporate Finance, vol. 43, no. 1-2, pp. 19-38 . https://doi.org/10.1016/j.jcorpfin.2016.12.011 |
| DOI: | 10.1016/j.jcorpfin.2016.12.011 |
| Popis: | We produce the first study to explore the effect of political money contributions on IPO valuation. Drawing evidence from the U.S., we show that both lobbying and PAC expenditure pay off on issue day as donors incur less underpricing, an effect that can be amplified by contribution size and strategic targeting of recipients. Donor IPOs also experience negative offer price revisions and lower aftermarket volatility. Collectively, our results offer new empirical grounding to information asymmetry and bookbuilding theories. |
| Databáze: | OpenAIRE |
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