Industrial Diversification and Underpricing of Initial Public Offerings
研究发现上市时业务多元的公司比单一业务公司的IPO抑价更低，可能因为多元化减少了信息不对称或优质单一公司通过高抑价传递信号。
The initial public offerings (IPOs) of diversified firms, those reporting more than one business segment at the time they go public, experience less underpricing than do IPOs by focused issuers. We explore two explanations for this phenomenon. Diversification may benefit IPO firms by reducing information asymmetries and therefore, lowering underpricing costs. Alternatively, high quality focused firms may be signaling their value by underpricing their shares to a greater degree. Though we find at least some evidence consistent with each explanation, a majority of the evidence favors signaling.