报告题目：Can past tell us anything about the future? Folklore and IPO outcomes

报 告 人：Huu Nhan Duong（蒙纳什大学）

报告时间：2021年11月12日（周五）9:00-11:30

报告地点：ZOOM平台在线交流（会议ID：958 9966 9266 ；会议密码：972427）

ZOOM App下载链接：//zoom.us/download, 亦可点击以下链接直接参加会议：//hawaii.zoom.us/j/95899669266

主办单位：应用金融与行为科学学院

【报告人简介】

Huu Duong is an Associate Professor in Finance at Monash University. His research interests include corporate finance, derivatives markets, and market microstructure. His research has been published in peer-reviewed journals including the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Review of Corporate Finance Studies. 

 【内容摘要】

We find that the level of IPO underpricing is lower in countries whose folklore narratives reflect higher societal aversion towards risk or lower tolerance towards antisocial behavior. IPO firms in countries characterized by lower level of risk taking and higher level of trust are more likely to employ high-quality underwriters and auditors and encourage venture capitalists’ involvement. Folklore narratives related to risk aversion (low tolerance toward antisocial behavior) exert a weaker influence on IPO underpricing among firms subject to lower information risk (lower principal-agent conflicts) and in countries with more transparent information environment (higher level of investor protection). Folklore variables are also related to better long-term IPO performance, higher IPO proceeds, disclosure about the firm, and subscription level, and lower IPO listing costs. Overall, our paper provides the first empirical evidence on the importance of narratives in folklore in explaining corporate outcomes.