This study examines the impact of credit ratings on Initial Public Offerings (IPOs) for a sample of 336 U.S. banks. We report novel evidence in relation to the framework of An and Chan (2008) and Goergen et al. (2021). First, our empirical findings document that top management's decision of U.S. banks through to seek CRA evaluations turns out to be visible to potential IPO investors and contributes to a successful first trading day. Second, we confirm the relation between the existence of any credit rating (acquired from the three major U.S. agencies) and underpricing. Third, multiple credit ratings lead to lower underpricing than in the case of a single rating. Multiple credit ratings also contribute to reducing the filing price revisions. Finally, we report that in all cases, the credit rating that a rated U.S. bank IPO received after the completion of the public offering was higher than the last one received before the IPO.

本研究以 336 家美国银行为样本，研究了信用评级对首次公开募股 (IPO) 的影响。我们报告了与 An 和 Chan (2008) 以及 Goergen 等人的框架相关的新证据。(2021)。首先，我们的实证结果表明，美国银行高层管理人员寻求 CRA 评估的决定对潜在 IPO 投资者来说是可见的，并有助于成功的首个交易日。其次，我们确认任何信用评级的存在（从美国三大机构获得）与定价过低之间的关系。第三，与单一评级相比，多重信用评级导致更低的抑价。多重信用评级也有助于减少备案价格修订。最后，我们报告在所有情况下，评级为美国的信用评级