How Does Ambiguity Influence IPO Underpricing? The Role of the Signalling Environment
研究了IPO招股说明书中信息模糊性（低信息清晰度）与抑价的关系，发现模糊性低时抑价也低，但行业战略趋同度低、估值异质性高或中等规模的公司中这种关系较弱。基于1998-2007年398个IPO样本，强调了信号环境影响有限理性信号接收者对模糊信号的解读。
ABSTRACT We explore the relationship between ambiguity, or low information clarity, in the IPO prospectus of newly public firms and their underpricing. Consistent with signalling theory, we find that IPO underpricing is low when the prospectus contains less ambiguous information that creates a more reliable signal conveying the quality of the IPO firm. However, the positive association between ambiguity and IPO underpricing is less pronounced when IPO firms display low strategic conformity with other firms in the industry, operate in industries with high valuation heterogeneity, or are medium‐sized. Using a sample of 398 IPOs between 1998 and 2007, our results support these predictions. This study shows the importance of the signalling environment influencing boundedly rational signal recipients interpreting ambiguous signals.