Multiple Lead Underwriter IPOs and Firm Visibility

48 Pages Posted: 8 Jul 2013 Last revised: 29 May 2015

See all articles by Jin Jeon

Jin Jeon

Dongguk University

Cheolwoo Lee

Ferris State University

Tareque Nasser

Kansas State University

M. Tony Via

Kent State University

Multiple version iconThere are 2 versions of this paper

Date Written: April 1, 2015


One of the primary goals of a firm going public is to create a greater visibility to investors in general. Using a sample of 809 IPOs from 2001-2010, we empirically examine and find that multiple lead underwriters (MLUs) have greater visibility through our five pre- and post-IPO visibility measures. This also holds after accounting for potential endogeneity. Also, MLU-IPOs do not have more underpricing. Our results suggest that issuers with MLUs can increase the firm’s familiarity to the investment community and expand their investor base, and this increased firm visibility is not a trade-off for a greater level of underpricing.

Keywords: Multiple lead underwriters, IPOs, firm visibility

JEL Classification: G24

Suggested Citation

Jeon, Jin and Lee, Cheolwoo and Nasser, Tareque and Via, Marc, Multiple Lead Underwriter IPOs and Firm Visibility (April 1, 2015). Journal of Corporate Finance, Forthcoming. Available at SSRN: or

Jin Jeon

Dongguk University ( email )

26 Pil-dong 3-ga
Seoul, Seoul 100-715
Korea, Republic of (South Korea)

Cheolwoo Lee

Ferris State University ( email )

119 South State Street, BUS 366
Big Rapids, MI 49307
United States

Tareque Nasser (Contact Author)

Kansas State University ( email )

Department of Finance
2097 BB, 1301 Lovers Lane
Manhattan, KS 66506
United States
(785) 532-4375 (Phone)
(785) 532-6822 (Fax)

HOME PAGE: http://

Marc Via

Kent State University ( email )

Kent, OH 44242
United States

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