European IPOs

Do regulatory changes affect the underpricing of european IPOs?
We analyze 3677 European IPOs from 1998 to 2012. When Member States in the EU implemented governance codes like SOX, IPO underpricing decreased on their regulated markets compared to exchange-regulated ones. Improved governance enhances transparency and reduces information asymmetries in IPO valuations.
Ali C. Akyol, Tommy Cooper, Michele Meoli, Silvio Vismara
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Do regulatory changes affect the underpricing of european IPOs?