The Underpricing of Insurance IPOs
发现，在控制文件价格调整后，保险业IPO（包括股份公司和相互保险公司）的抑价程度并不低于非保险业公司，而相互保险公司IPO的抑价高于股份保险公司，这与发行前管理层持股差异有关。
The previous literature documents that insurance initial public offerings (IPOs) are less underpriced than those of noninsurance firms. This difference is usually attributed to lower information asymmetry for regulated firms. However, we find that once one controls for the file price adjustment insurance IPOs, both stock and mutual, are no less underpriced than other noninsurance offerings suggesting the book‐building process resolves any such information asymmetries. We also find that mutual IPOs appear more underpriced than stock insurance IPOs, but this difference is related to the differences in pre‐issue managerial ownership.