Institutions and Foreign IPO Firms: The Effects of “Home” and “Host” Country Institutions on Performance
研究了外国公司在美国和英国上市时，母国与东道国制度信号对IPO抑价的影响，发现信号价值取决于上市交易所的制度环境。
In the current study, we develop an institutional embeddedness explanation of foreign initial public offering (IPO) performance. To explain the performance differentials of these firms, we investigate the effects of both “home” and “host” country institutional signals on IPO underpricing using a sample of foreign IPOs listed in two different institutional environments, namely, the U.S. and U.K. stock exchanges. Supporting the view that signals are institutionally embedded and that their value is not universal, we find the salience of signals associated with country of origin is contingent on the institutional environment of the listing exchange.