Titre
Commercialization Strategy and IPO Underpricing
Type
article
Institution
UNIL/CHUV/Unisanté + institutions partenaires
Auteur(s)
Morricone, S.
Auteure/Auteur
Munari, F.
Auteure/Auteur
Oriani, R.
Auteure/Auteur
de Rassenfosse, G.
Auteure/Auteur
Liens vers les personnes
Liens vers les unités
ISSN
0048-7333
Statut éditorial
Publié
Date de publication
2017-07
Volume
46
Numéro
6
Première page
1133
Dernière page/numéro d’article
1141
Résumé
This paper studies the interplay between two defining features of technology-based firms: licensing as a commercialization strategy and the reliance on equity financing. Within the context of an IPO, we argue that the technology commercialization strategy of a firm going public affects information asymmetries and, therefore, IPO underpricing. In particular, we theorize that underpricing will be higher when a firm’s technology commercialization strategy is more based on licenses. We also posit that the size of the patent portfolio will mitigate this effect. Our results from a sample of 130 IPOs in the U.S. semiconductor industry confirm these predictions.
PID Serval
serval:BIB_81D80D18AF93
Date de création
2017-10-10T13:31:49.193Z
Date de création dans IRIS
2025-05-20T22:00:24Z