"Agents (Inside Directors) Watching Other Agents (Investment Bankers and VCs): Multiple Agency Conflict Regarding Underpricing in IPO Firms" was the title of a presentation made by Bob Hoskisson (Arizona State University). The paper is part of a stream of research that involved several Authors, including Lowell Busenitz. The paper has been published on the Academy of Management Journal (vol.51, n.2/2008). The study is about initial public offerings and it focused on the IPO process where, according to the Agency Theory, agents watch other agents in the underpricing. A set of seven hypotheses on a sample of 400 IPOs during 1990-1995 has been tested. Less then 20 control variables have been provided. Three of the seven hypotheses have not been supported. Since the paper develops theory to address when underpricing will be more or less severe, it received remarkable attention and interest during the discussion.
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