Pricing of initial public offerings (IPOs) has received considerable attention from the perspective of asymmetric information theories, among others. Specific aspects of emerging markets have been incorporated into models to explain the varying degrees of underpricing. Using three features that are deemed to be important for such economies, that is, principal–principal conflicts, disclosure norms and legitimacy of the top management, and two different classes of investors, institutional and retail, two frameworks have been designed to explain the expected levels of underpricing under various pair-wise combinations of these parameters. The state of the secondary market, which is an important determinant of the decision to go public, is incorporated into the framework. JEL Classifications: G3, G14, G15, G18

中文翻译：

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新兴经济体IPO定价偏低的观点

从非对称信息理论的角度出发，首次公开募股（IPO）的定价已受到相当多的关注。新兴市场的特定方面已纳入模型中，以解释定价偏低的不同程度。利用被认为对此类经济体很重要的三个特征，即本金-本金冲突，最高管理者的披露规范和合法性，以及两种不同类别的投资者（机构和零售），设计了两个框架来解释预期这些参数的各种成对组合下的低价水平。二级市场的状态是决定上市的重要决定因素，已纳入框架。JEL分类：G3，G14，G15，G18