The board of directors and underpricing in the Nordic countries : the relationship between board characterstics and short-term underpricing of IPOs

Abstract

This thesis examines the relationship between the characteristics of the board of directors and short term underpricing of initial public offerings, using a sample of 326 firms from the main listings of Norway, Sweden, Denmark, and Finland. The thesis explores these relationships in the context of information asymmetry theories, which attempts to explain underpricing as a result of the parties involved having different information.