The pricing of equity IPOs that follow public debt offerings
研究发现，之前发行过公开债务的公司，其后续股权IPO的抑价程度显著更低，且发行价区间更窄、路演后价格修正更小，表明更长的信息历史有助于优质公司降低发行间接成本。
We examine the underpricing of initial public offerings (IPOs) of equity by firms that make prior public debt offerings. We find that subsequent IPOs are associated with significantly lower underpricing. Further, the price dispersion of the preliminary filing price range is smaller, as is the price revision subsequent to information gathering during the road show. The lower underpricing is confined to subsequent IPOs that are rated. Since rated IPOs tend to be financially stronger than non-rated IPOs, our results suggest that a longer history of information helps reduce the indirect cost of issue for good quality firms.