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| 登壇者 | Professor Andreas Charitou, University of Cyprus |
|---|---|
| 日時 | 2026年7月27日(月)11:00~12:15 |
| 言語 | 英語 |
| テーマ | Is the whole greater than the sum of its parts? Underpricing and long-run IPO performance |
| 要旨 |
Based on estimates of the IPO’s intrinsic price, we decompose IPO underpricing into two theoretically distinct components: market overpricing (the difference between the IPO’s closing and intrinsic price) and underwriter undervaluation (the difference between the IPO’s intrinsic and the offer price). This novel decomposition enables us to disentangle investor and underwriter pricing decisions. We show that while traditional underpricing fails to yield a reliable trading strategy, a portfolio that goes long (short) on IPOs with high (low) Underwriter Undervaluation earns one and three-year cumulative market-adjusted returns of 13.25% and 21.30%, respectively. A similar strategy based on market overpricing earns 7.00% and 6.90%, respectively. Multivariate regression analyses further support the evidence that Underwriter Undervaluation is positively related to future returns. Our results are robust to numerous sensitivity analyses, including different model specifications and measures of long-run returns. We conclude that the inability of prior research to document a consistent relation between IPO underpricing and future returns is explained by the countervailing effects of underwriter undervaluation and market overpricing. This novel approach has direct implications for investors and regulators seeking to understandpost-IPO performance. Keywords: Initial public offering (IPO), overallotment option, underpricing, market overpricing, underwriter undervaluation, long-run return performance. |
| 登壇者紹介 | Andreas Charitou is a Professor of Accounting at the University of Cyprus. He served for eleven years as an Associate Professor with tenure at the University of Toronto (Canada) and as a lecturer/instructor at Pennsylvania State University (USA) for three years. Over his career, he has held significant leadership positions, including eleven years as Dean and Deputy Dean of the School of Economics and Management at the University of Cyprus and five years as Chairman of the Department of Business Administration. Currently, he chairs the MBA Board and co-chairs the PhD Program in the Department of Accounting and Finance. Professor Charitou earned his MSc and PhD on scholarship from Pennsylvania State University (USA). He is a Certified Management Accountant (CMA, USA) and Fellow Certified Practicing Accountant (FCPA, Australia). His teaching excellence has been recognized with awards at both the MBA and undergraduate levels from the University of Toronto, and he holds a Higher Education Teaching Certificate from Harvard University. His academic contributions have an international dimension, including visiting professorships at leading institutions such as Northwestern University, Kellogg School of Management (USA); the University of Illinois at Urbana-Champaign (USA); University of Toronto (Canada); University of Sydney (Australia); and King’s CollegeLondon (UK). Professor Charitou also brings extensive leadership and governance experience. He currently serves on the Board of Directors of the Central Bank of Cyprus, where he chairs the Audit Committee. He has been serving on the Disciplinary Committee of the Institute of Certified Public Accountants of Cyprus for over fifteen years. He is also the Chair of the Committee for minimum wages in the Ministry of Labor. He has also served on boards and committees, including the Hellenic Bank (Audit Committee Chair and Member of the Risk Committee); Co-operative Central Bank (Risk Committee Chair); the Cyprus Securities and Exchange Commission; the Cyprus Stock Exchange; the Fiscal Council of Cyprus; and the Cyprus Council for the Recognition of Higher Education Qualifications as Vice Chair. Additionally, he was appointed by the Council of Ministers as an Expert on the Commission of Inquiry on the Cyprus Economy. In the academic publishing sphere, Professor Charitou is the Senior Editor of the International Journal of Accounting (USA), Associate Editor of Abacus, and a member of the editorial board of the Journal of International Accounting, Auditing and Taxation. He is also a member of the European Accounting Association, the American Accounting Association, and the Institute of Management Accountants (USA). His research interests include risk management, credit analysis and bankruptcy prediction,investment banking, corporate governance, executive compensation, internationalcapital markets, and international cross-listing. He has published widely in leading international journals, including: Journal of Financial and Quantitative Analysis, Review of Accounting Studies, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Finance and Accounting, European Accounting Review, Journal of Accounting, Auditing and Finance, Journal of Accounting and Public Policy, Accounting and Business Research,Abacus, Journal of Accounting Literature, Journal of International Accounting,Auditing and Taxation, and the International Journal of Accounting. |
| 場所 | 教室:階段教室2(日吉キャンパス 協生館4階) 形式:対面・オンライン(Zoom) ※対面とオンラインのハイブリッド形式で実施します。 ※事前申込等はありませんので、対面参加を希望される方は、直接、教室にお越しください。 また、オンラインでの参加を希望される方は、時間になりましたら、直接Zoomに入室してください。 |
