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Theo Vermaelen
Professor of Finance
Keywords
Initial Public Offerings; Going Public Process; Gender Diversity; Underpricing, Investment Banks; Corporate Governance; Network Centrality; G24; G30; J16
Working Paper
Rau R., Sandvik J., Vermaelen T. (2022). Are Women Undervalued? Board Gender Diversity and IPO Underpricing. 2022/10/FIN
The authors find that IPOs experience significantly greater underpricing when the firm’s board has at least one
female director, relative to when no women sit on the board. The underpricing effect is not attributable
to differences in profitability, growth opportunities, CSR profiles, or other firm characteristics.