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Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs

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dc.contributor.authorGoergen, Marc
dc.contributor.authorGounopoulos, Dimitrios
dc.contributor.authorKoutroumpis, Panagiotis
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2025-03-13T14:39:39Z
dc.date.available2025-03-13T14:39:39Z
dc.date.issued2021-04
dc.description.abstractUsing credit ratings as an uncertainty-reducing mechanism, we provide evidence of the beneficial impact of multiple credit ratings on reducing IPO underpricing and filing price revision. We find that the acquisition of multiple ratings in the pre-IPO period mitigates uncertainty more than the acquisition of a single rating. Multi-rated firms also have higher probabilities of survival than those with a single rating, whereas credit rating levels matter only for IPOs with more than one rating. The IPOs that are awarded the first rating on the borderline between investment and non-investment grades are more likely to seek an additional rating.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationGoergen, M., Gounopoulos, D., & Koutroumpis, P. (2021). Do multiple credit ratings reduce money left on the table? Evidence from US IPOs. Journal of Corporate Finance, 67, 101898. https://doi.org/10.1016/j.jcorpfin.2021.101898.
dc.identifier.doihttps://doi.org/10.1016/j.jcorpfin.2021.101898
dc.identifier.issn0929-1199
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3647
dc.journal.titleJournal of Corporate Finance
dc.language.isoen
dc.page.total55
dc.publisherElsevier
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.en
dc.subject.keywordInitial public offerings (IPOs)
dc.subject.keywordCredit ratings
dc.subject.keywordIPO underpricing
dc.subject.keywordSurvivorship
dc.titleDo multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number67
dspace.entity.typePublication
relation.isAuthorOfPublication55eb0faa-13da-4a35-a432-f529b62f4d8b
relation.isAuthorOfPublication.latestForDiscovery55eb0faa-13da-4a35-a432-f529b62f4d8b
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