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Neue Publikation von Prof. Jochen Bigus und Florian Dreyer, M.Sc.

News vom 24.02.2022

Ein Aufsatz von Prof. Bigus und Florian Dreyer zum Thema „Country-level accounting enforcement and IPO underpricing“ ist von der Zeitschrift Abacus zur Veröffentlichung angenommen worden. Der Aufsatz basiert auf der Masterarbeit von Herrn Dreyer. Hier eine kurze Zusammenfassung in Englisch: 

Using a sample of up to 2,503 IPOs in 32 countries in the years 2011-2017, we predict and find that higher levels of country-level accounting enforcement are associated with less underpricing. We show that accounting enforcement matters for the cost of going public: Countries with a relatively low accounting enforcement score (second quintile) exhibit a mean underpricing of 19%, whereas mean underpricing amounts to 9% in countries with a relatively high score (fourth quintile). Qualitative results remain when we employ multi-level modeling or a difference-in-difference design. In countries that substantially increased their accounting enforcement in the 2003-2009 period, the level of underpricing decreased significantly.

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