Show simple item record

Files in this item

Thumbnail

Item metadata

dc.contributor.authorKallias, Antonios
dc.contributor.authorKallias, Konstantinos
dc.contributor.authorLu, Guancheng
dc.contributor.authorZhang, Song
dc.date.accessioned2023-02-13T00:40:28Z
dc.date.available2023-02-13T00:40:28Z
dc.date.issued2021-11-01
dc.identifier273068953
dc.identifierd351538a-5ba4-45f3-b349-bc9ad85794f5
dc.identifier85101306134
dc.identifier000720832100024
dc.identifier.citationKallias , A , Kallias , K , Lu , G & Zhang , S 2021 , ' Why local banking market concentration hinders IPOs and how it can work to issuers’ advantage ' , Finance Research Letters , vol. 43 , 101966 . https://doi.org/10.1016/j.frl.2021.101966en
dc.identifier.issn1544-6123
dc.identifier.otherORCID: /0000-0002-3673-2460/work/90112851
dc.identifier.urihttps://hdl.handle.net/10023/26956
dc.description.abstractGeneral sample evidence conceals the influence of banking market structure on a fraction of IPO issuers with limited financing options: small non-venture-capital-backed firms (SNVC). Using U.S. county-level data, we reveal that concentrated banking markets contract IPO activity, as they cause SNVCs to incur high underpricing at listing. However, when the size of the local banks is small, both the time to IPO and underpricing decrease. Our evidence infers that, unless banks are organizationally capable of tapping into soft information, they generally use market power for rent extraction, which has important spillover effects on the IPO market.
dc.format.extent7
dc.format.extent684771
dc.language.isoeng
dc.relation.ispartofFinance Research Lettersen
dc.subjectInitial public offeringsen
dc.subjectBanking market concentrationen
dc.subjectSoft informationen
dc.subjectVenture capitalen
dc.subjectHG Financeen
dc.subject3rd-DASen
dc.subjectMCCen
dc.subject.lccHGen
dc.titleWhy local banking market concentration hinders IPOs and how it can work to issuers’ advantageen
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.identifier.doi10.1016/j.frl.2021.101966
dc.description.statusPeer revieweden
dc.date.embargoedUntil2023-02-13


This item appears in the following Collection(s)

Show simple item record