Financial Literacy and IPO Underpricing
基于跨国样本，研究发现国民金融素养越高，IPO抑价越低；在信息环境不透明时，这种效应更明显。信息摩擦、公司透明度和股市参与是中介机制。
Abstract Using an international sample of IPO firms and two country-level measures of financial literacy, we find strong evidence that financial literacy is negatively associated with IPO underpricing. In cross-sectional analyses, we find that the effect of financial literacy in reducing IPO underpricing is more pronounced when the information environment is less transparent. Employing path analysis, we document that information friction, firm transparency, and stock market participation are mechanisms that mediate this relationship. Our study contributes to and extends the literature by providing strong evidence that citizens’ financial literacy has an important and consistent influence on IPO underpricing.