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1.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
Scholarship describes professionals who participate in securitiesofferings, and who represent public companies in . . . [Full Text of this Article]
2. Background
3. Modelling law firm impact in IPOs
Theories of IPO pricing Relationship between pre-IPO price adjustment and diligence in legal services Extension of Hanley's model Conservative model—only a portion of the impact is identified Issuer's counsel v underwriters’ counsel Confirming proper model specification Increased risk of an investment in the issuer affecting probability of engagement of quality law firm Different signs between issuer's lawyer and underwriters’ lawyer
4. Data
Summary statistics Measure of law firm prestige
- The article investigates the relationship betweenpricing in an initial public offering (IPO) and the prestigeof the participating underwriters’ law firm.
- The hypothesisof the article is that law firm quality affects how law firmsperform their obligations in IPOs—more prestigious lawfirms acting more independently. Consistent with this hypothesis,the authors find a negative relationship between pre-IPO priceadjustment and the participation of prestigious underwriters’counsel, and a negative relationship between the participationof prestigious underwriters’ counsel and initial return,which is consistent with market trading reflecting the decreasedrisk associated with offerings involving prestigious underwriters’counsel.
- Finally, it is found that certain observable characteristicsindicating diminished likelihood of undisclosed negative information(venture backing and quality of the issuer's counsel) are associatedwith an increased likelihood that prestigious underwriters’counsel is used.