Board composition, share ownership, and ‘underpricing’ of U.K. IPO firms
研究了251家英国IPO公司中高管与非高管特征、股权结构与短期抑价的关系，发现高管权力和经验会影响非高管董事的选择及其持股，这些治理因素可被策略性用于降低抑价，但投资者对不同董事会特征和股权结构的反应具有选择性。
Abstract Using a sample of 251 IPOs in the United Kingdom, this paper examines interlinks between executive and nonexecutive characteristics, share ownership, and short‐term performance measured in terms of share offer ‘underpricing.’ It argues that executives' power and previous experience directly affect ex ante choice of nonexecutive directors and their ownership interests in the firm. These endogenously developed governance factors may be used by IPO teams strategically to reduce the extent of underpricing. However, there is a selective response of investors to different board characteristics and share ownership structure. Copyright © 2002 John Wiley & Sons, Ltd.