Ipo, Underpricing e Corporate governance: una meta analisi

Titolo Rivista ESPERIENZE D'IMPRESA
Autori/Curatori Elvira Tiziana La Rocca
Anno di pubblicazione 2018 Fascicolo 2016/1 Lingua Italiano
Numero pagine 24 P. 41-64 Dimensione file 200 KB
DOI 10.3280/EI2016-001003
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Il paper si propone di esaminare l’effetto sull’underpricing nelle offerte pubbliche iniziali (IPO) dei meccanismi di governo societario progettati per segnalare al mercato e ai potenziali investitori il valore dell’impresa, riducendo l’incidenza di tale anomalia. Il framework teorico di riferimento è la teoria dei segnali. Viene applicata la meta-analisi attraverso la rassegna quantitativa di 42 paper di ricerca. Il lavoro considera l’impatto sull’underpricing dei segnali trasmessi dall’impresa quotanda in relazione all’assetto proprietario e ad alcuni elementi di governance, con particolare riferimento all’ownership retention, all’ insider ownership del management e alla composizione del consiglio di amministrazione. Le imprese quotande con il supporto di prestigiosi underwriter e/o venture capitalist registrano un minor underpricing grazie alla riduzione dell’incertezza ex ante. I risultati della meta-analisi suggeriscono possibili direzioni di ricerca per esaminare il ruolo delle variabili di moderazione.;

Keywords:Quotazione, Offerta Pubblica Iniziale (IPO), reputazione dell’Underwriter, teoria dei segnali, Corporate Governance

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Elvira Tiziana La Rocca, Ipo, Underpricing e Corporate governance: una meta analisi in "ESPERIENZE D'IMPRESA" 1/2016, pp 41-64, DOI: 10.3280/EI2016-001003