Media Coverage and IPO Pricing around the World
研究了全球范围内IPO前媒体报道如何降低新股首日回报率，发现其效果受国家财务报告质量、股东权利保护、媒体审查等因素影响，对投资者和发行人评估IPO定价有参考价值。
We study how media coverage impacts pricing of initial public offerings (IPOs) around the world. Higher media coverage in the pre-IPO period leads to lower IPO initial returns. The effect is mitigated in countries with better financial reporting quality, greater shareholder rights protection, and more stringent media censorship, and for IPOs “certified” by reputable intermediaries, while it is amplified in countries with higher levels of media penetration and media trust. Further, IPOs with higher pre-IPO media coverage have lower ex post price revision volatility. Our findings suggest that higher pre-IPO media coverage reduces information asymmetry among investors, leading to less underpriced IPOs.