Underpricing, Overhang, and the Cost of Going Public to Preexisting Shareholders
研究IPO抑价对现有股东财富的影响，发现高抑价时期股东会保留更多股份，从而抵消大部分潜在成本，且股东财富损失比例随时间保持稳定。
Abstract: IPO underpricing has been extensively studied; however, its impact on the wealth of preexisting shareholders has not been closely examined. We address the question of whether or not periods of high underpricing adversely affect preexisting shareholders. We find that high levels of underpricing are associated with increased share retention, which effectively offsets much of the potential cost. Overall, we find that the percentage of shareholder wealth lost is surprisingly stable over time, unlike underpricing itself. We also find that many factors known to be related to underpricing are not significant determinants of the cost of going public to preexisting owners.