The impact of lead underwriter ranking on the offer price revision of IPO firms: Evidence from the US

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dc.contributor.authorFarooque, Omar Al
dc.contributor.authorChowdhury, Abu
dc.contributor.authorTarique, Kazi Md.
dc.contributor.organizationfi=laskentatoimen ja rahoituksen laitos|en=Department of Accounting and Finance|
dc.contributor.organization-code1.2.246.10.2458963.20.70648218033
dc.converis.publication-id506036887
dc.converis.urlhttps://research.utu.fi/converis/portal/Publication/506036887
dc.date.accessioned2026-01-21T14:48:30Z
dc.date.available2026-01-21T14:48:30Z
dc.description.abstractThis paper examines the effect of lead underwriter ranking on the offer price revision of IPO (initial public offering) firms from the perspective of underwriter quality. Using the offer price revision from the SDC (Securities Data Company) in the US and a sample of 2,188 IPOs from 1990 to 2019, we find that the offer price revision of IPO is positively associated with high-ranked lead underwriters, while negatively related to low-ranked lead underwriters. Additional analysis suggests that IPO underpricing has a positive relation with high-ranked lead underwriters but no relation with low-ranked lead underwriters. Moreover, our study reveals that IPO underwritten by low-ranked underwriters raise significantly lower amounts in IPO and have poorer long-run performance. © 2025 The Author(s). Co-published by NISC Pty (Ltd) and Informa UK Limited, trading as Taylor & Francis Group.
dc.identifier.eissn2077-0227
dc.identifier.jour-issn1029-3523
dc.identifier.olddbid213727
dc.identifier.oldhandle10024/196745
dc.identifier.urihttps://www.utupub.fi/handle/11111/55805
dc.identifier.urlhttps://doi.org/10.1080/10293523.2025.2578128
dc.identifier.urnURN:NBN:fi-fe202601216969
dc.language.isoen
dc.okm.affiliatedauthorChowdhury, Abu
dc.okm.discipline512 Business and managementen_GB
dc.okm.discipline512 Liiketaloustiedefi_FI
dc.okm.internationalcopublicationinternational co-publication
dc.okm.internationalityInternational publication
dc.okm.typeA1 ScientificArticle
dc.publisherInforma UK Limited
dc.publisher.countryUnited Kingdomen_GB
dc.publisher.countryBritanniafi_FI
dc.publisher.country-codeGB
dc.relation.doi10.1080/10293523.2025.2578128
dc.relation.ispartofjournalInvestment Analysts Journal
dc.source.identifierhttps://www.utupub.fi/handle/10024/196745
dc.titleThe impact of lead underwriter ranking on the offer price revision of IPO firms: Evidence from the US
dc.year.issued2026

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