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The impact of lead underwriter ranking on the offer price revision of IPO firms: Evidence from the US
Tekijät: Farooque, Omar Al; Chowdhury, Abu; Tarique, Kazi Md.
Julkaisuvuosi: 2026
Lehti: Investment Analysts Journal
ISSN: 1029-3523
eISSN: 2077-0227
DOI: https://doi.org/10.1080/10293523.2025.2578128
Julkaisun avoimuus kirjaamishetkellä: Avoimesti saatavilla
Julkaisukanavan avoimuus : Osittain avoin julkaisukanava
Verkko-osoite: https://doi.org/10.1080/10293523.2025.2578128
Rinnakkaistallenteen osoite: https://research.utu.fi/converis/portal/detail/Publication/506036887
Rinnakkaistallenteen lisenssi: CC BY NC ND
Rinnakkaistallennetun julkaisun versio: Kustantajan versio
This paper examines the effect of lead underwriter ranking on the offer price revision of IPO (initial public offering) firms from the perspective of underwriter quality. Using the offer price revision from the SDC (Securities Data Company) in the US and a sample of 2,188 IPOs from 1990 to 2019, we find that the offer price revision of IPO is positively associated with high-ranked lead underwriters, while negatively related to low-ranked lead underwriters. Additional analysis suggests that IPO underpricing has a positive relation with high-ranked lead underwriters but no relation with low-ranked lead underwriters. Moreover, our study reveals that IPO underwritten by low-ranked underwriters raise significantly lower amounts in IPO and have poorer long-run performance. © 2025 The Author(s). Co-published by NISC Pty (Ltd) and Informa UK Limited, trading as Taylor & Francis Group.
Ladattava julkaisu This is an electronic reprint of the original article. |  |
Julkaisussa olevat rahoitustiedot:
No funding was received for conducting this study.
