The intersection of supply chain operations and finance: Logistics uncertainty and International IPO underpricing
研究发现，国家物流绩效指数越高，该国企业IPO首日抑价越低，物流不确定性通过增加信息不对称推高融资成本，对依赖物流的行业和金融危机时期影响更显著。
We study the link between country-level indicators of logistics performance and initial public offering (IPO) outcomes. Consistent with the hypothesis that logistics performance is negatively correlated with uncertainty and information asymmetry, we find that returns measured from the IPO offer price to the first-day market close (i.e., underpricing) are lower for IPOs issued in countries with higher Logistics Performance Index (LPI) scores. Moreover, we find that country and firm characteristics associated with less severe uncertainty and information asymmetry concerns weaken the negative impact of logistics performance on IPO underpricing. The association between logistics performance and underpricing is stronger for industries that are more dependent on the logistics infrastructure and during the Global Financial Crisis. Our findings highlight how operational and valuation uncertainty brought on by a country’s logistics infrastructure affects the cost of capital for growth-oriented ventures seeking capital to increase competitiveness.