Working Paper

10 May 2021

Are Women Undervalued? Board Gender Diversity and IPO Underpricing

We show that investor preferences for diversity have had a significant effect on the initial returns earned by U.S. firms going public with gender diverse boards over the past decade. There is no difference in economic fundamentals such...

P. Raghavendra Rau | Jason Sandvik | Theo Vermaelen
22 January 2018

Eclipse of the Public Corporation or Eclipse of the Public Markets?

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasersof $3.6 trillion of equity (in 2015 dollars) rather than net issuers....

Craig Doidge | Kathleen Kahle | Andrew Karolyi | René Stulz