Ownership Structure and IPO Underpricing
利用伦敦证券交易所上市公司的独特持股数据，检验了IPO抑价是否用于影响上市后的所有权结构，结果发现抑价并非源于此目的，建议研究转向其他解释。
Abstract: Stoughton and Zechner (1998) and Brennan and Franks (1997) argue that underpricing can be employed to determine post IPO ownership structure, and thereby to influence monitoring and/or control of the company post issue. This paper employs unique data relating to shareholdings of firms listing on the London Stock Exchange, and provides compelling evidence that IPO underpricing does not arise from efforts to determine the ownership structure of the post IPO firm. It is suggested that research is directed elsewhere to find an answer to the underpricing phenomenon, and for means other than IPO underpricing to affect post IPO ownership structure.