文章基本信息

标题：Initial Public Offerings, Underpricing and Performance: the case of Top International Brands
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作者：Murad Harasheh ; Stefano Gatti
期刊名称：European Journal of Economic Studies
印刷版ISSN：2304-9669
电子版ISSN：2305-6282
出版年度：2016
卷号：17
期号：3
页码：367-392
语种：
出版社：Academic Publishing House Researcher
摘要：The present study aims at investigating the relationship between Initial Public Offerings (IPOs) variables mainly underpricing on one hand, and the brand value measures on the other. Our final data set is 104 international brand companies. We implement empirical approach using hierarchical OLS regression and descriptive statistics. We show that underpricing is positively related to brand value, which emphasizes the marketing role of going public and underpricing in enhancing brand equity through the product market, which additionally confirms some information asymmetry models. We also find that on average brand companies have not been recognized as brands at the IPO time. Moreover, we show the positive role of private equity in enhancing brand value, additionally, the non-linear association between underpricing and brand value is not evident. Finally, we draw some policy implication and suggestions for future research.