We examine whether heterogeneity of CEO academic qualifications matters in explaining the performance of Initial Public Offerings (IPOs). We find that CEO education attainments perform a signaling role which depends not only on the level but also on the major of education. Specifically, we show that, irrespective of the level of academic achievements, IPO investors have a preference for top managers with practice or business oriented degrees as opposed to liberal arts degrees. Importantly, our findings suggest that both the level and quality of education training tend to reduce IPO underpricing, and this effect is less pronounced for less specialized degrees.

中文翻译：

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CEO 教育和筹集资金的能力

我们研究了 CEO 学历的异质性在解释首次公开募股 (IPO) 的表现时是否重要。我们发现 CEO 教育程度的信号作用不仅取决于教育水平，还取决于教育专业。具体而言，我们表明，无论学术成就水平如何，与文科学位相比，IPO 投资者更偏爱具有实践或商业导向学位的高层管理人员。重要的是，我们的研究结果表明，教育培训的水平和质量往往会降低 IPO 抑价，而这种影响对于不太专业的学位则不那么明显。