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dc.contributor.authorKallias, Antonios
dc.contributor.authorKallias, Konstantinos
dc.contributor.authorLu, Guancheng
dc.contributor.authorZhang, Song
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. In press , 101966 .
dc.identifier.otherPURE: 273068953
dc.identifier.otherPURE UUID: d351538a-5ba4-45f3-b349-bc9ad85794f5
dc.identifier.otherORCID: /0000-0002-3673-2460/work/90112851
dc.identifier.otherScopus: 85101306134
dc.identifier.otherWOS: 000720832100024
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.relation.ispartofFinance Research Lettersen
dc.rightsCopyright © 2021 Elsevier Inc. All rights reserved. This work has been made available online in accordance with publisher policies or with permission. Permission for further reuse of this content should be sought from the publisher or the rights holder. This is the author created accepted manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at
dc.subjectInitial public offeringsen
dc.subjectBanking market concentrationen
dc.subjectSoft informationen
dc.subjectVenture capitalen
dc.subjectHG Financeen
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.description.statusPeer revieweden

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