Graduation Year
Spring 2011
Document Type
Open Access Senior Thesis
Degree Name
Bachelor of Arts
Department
Economics-Accounting
Reader 1
Lisa Meulbroek
Rights Information
© 2011 Emily Hirano
Abstract
Increasing numbers of foreign firms are holding cross-border IPOs in attempts to raise capital in markets outside of their home nation. Within the United States cross-border IPOs consistently experience greater amounts of underpricing than domestic IPOs. This paper examines the effects of SIC industry classifications on cross-border and domestic IPO underpricing from 2004-2010. Analysis demonstrates that in various industries, SIC classification has a significant impact upon underpricing in comparison to other industries. While in other industries, significance is solely exhibited through the differing impacts of domestic and cross-border IPOs, within the industry itself, upon underpricing. The most significant industry effect is seen in high-technology industries which display a significant impact on underpricing on both the inter-industry and intra-industry level.
Recommended Citation
Hirano, Emily K N, "The Effects of Industry on Cross-Border and Domestic IPO Underpricing" (2011). CMC Senior Theses. 128.
https://scholarship.claremont.edu/cmc_theses/128
