How does corporate culture affect IPO price formation?
研究了企业文化与IPO价格形成的关系，发现强文化企业的IPO有更积极的价格修正和更高的首日回报，即折价更多，这由承销商补偿投资者在询价中透露的文化感知驱动。
We examine the relationship between corporate culture and initial public offering (IPO) price formation. Using a sample of 935 US IPOs and data on corporate culture from Li et al. (2021b), we find that IPOs of strong culture firms are associated with more positive price revisions and higher initial returns, i.e., more underpricing. These findings hold using an alternative measure of corporate culture, matched samples, and a large set of control variables. Consistent with key theories, the effects appear to be driven by underwriters deliberately compensating investors for revealing information about their perceptions of the firm's culture during bookbuilding.