喻园管理论坛2023年第48期(总第871期)

演讲主题: Neighborhood Awareness and IPO Underpricing: Evidence from Satellite Nightlight

主 讲 人: 舒海兵，上海交通大学安泰经济与管理学院副教授

主 持 人: 后青松，管理学院会计系副教授

活动时间: 2023年6月7日（周三） 15:30-17:30

活动地点: 管理大楼119教室

主讲人简介：

舒海兵，上海交通大学安泰经济与管理学院金融学副教授（长聘），金融工程博士，毕业于中国科学技术大学，弗吉尼亚大学达顿商学院联合培养博士、博士后。曾在长江商学院，香港科技大学和业界任职。学术研究主要集中在实证公司金融、公司治理、金融市场和政治经济学领域，研究成果已发表在Journal of Financial Economics、Review of Financial Studies、Journal of Management Studies等学术期刊。目前主持国家自然科学基金面上项目2项，曾荣获亚洲金融学年会最佳论文奖和中国金融评论国际研讨会Emerald最佳论文奖等荣誉。

活动简介：

This paper investigates the information role of the nearby people surrounding the firms. We employ an innovative empirical measure based on the novel satellite nightlight data and validate that it is positively associated with the information production. The brighter the nightlight intensity, the more information produced by nearby people. We further document that the information from nearby people could significantly reduce the IPO underpricing, leading to more accurate IPO valuation. The impact becomes weaker when the firm is audited by high quality auditors, when the IPO is backed by more reputable VC investors, but becomes stronger when the IPO prospectus readability is low. The information generated by nearby people also facilitates the regulator’s IPO review efficiency. Overall, our study suggests the nearby people could produce reliable value-relevant information and affect the corporate outcomes.