CEO education and the ability to raise capital

Dimitrios Gounopoulos, Panagiotis Loukopoulos, Georgios Loukopoulos

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

Abstract

We examine whether heterogeneity of CEO academic qualifications matters in explaining the performance of Initial Public Offerings (IPOs). We find that CEO education attainments perform a signaling role which depends not only on the level but also on the major of education. Specifically, we show that, irrespective of the level of academic achievements, IPO investors have a preference for top managers with practice or business oriented degrees as opposed to liberal arts degrees. Importantly, our findings suggest that both the level and quality of education training tend to reduce IPO underpricing, and this effect is less pronounced for less specialized degrees.
LanguageEnglish
Title of host publication2018 European Accounting Association (EAA)
Pages1-42
Number of pages42
Publication statusPublished - 30 May 2018
EventEuropean Accounting Association Annual Conference 2018 - Bocconi University, Milan, Italy
Duration: 30 May 20181 Jun 2018
Conference number: 41
http://www.eaa-online.org/r/default.asp?iId=FFMIHL

Conference

ConferenceEuropean Accounting Association Annual Conference 2018
Abbreviated titleEAA 2018
CountryItaly
CityMilan
Period30/05/181/06/18
Internet address

Fingerprint

Education
Chief executive officer
Initial public offerings
Underpricing
Managers
Qualification
Art
Investors
Quality of education
Academic achievement

Keywords

  • initial public offerings (IPOs)
  • CEO Education
  • singalling
  • underpricing

Cite this

Gounopoulos, D., Loukopoulos, P., & Loukopoulos, G. (2018). CEO education and the ability to raise capital. In 2018 European Accounting Association (EAA) (pp. 1-42)
Gounopoulos, Dimitrios ; Loukopoulos, Panagiotis ; Loukopoulos, Georgios. / CEO education and the ability to raise capital. 2018 European Accounting Association (EAA) . 2018. pp. 1-42
@inproceedings{8125cd83611948f9974dda05b0617794,
title = "CEO education and the ability to raise capital",
abstract = "We examine whether heterogeneity of CEO academic qualifications matters in explaining the performance of Initial Public Offerings (IPOs). We find that CEO education attainments perform a signaling role which depends not only on the level but also on the major of education. Specifically, we show that, irrespective of the level of academic achievements, IPO investors have a preference for top managers with practice or business oriented degrees as opposed to liberal arts degrees. Importantly, our findings suggest that both the level and quality of education training tend to reduce IPO underpricing, and this effect is less pronounced for less specialized degrees.",
keywords = "initial public offerings (IPOs), CEO Education, singalling, underpricing",
author = "Dimitrios Gounopoulos and Panagiotis Loukopoulos and Georgios Loukopoulos",
year = "2018",
month = "5",
day = "30",
language = "English",
pages = "1--42",
booktitle = "2018 European Accounting Association (EAA)",

}

Gounopoulos, D, Loukopoulos, P & Loukopoulos, G 2018, CEO education and the ability to raise capital. in 2018 European Accounting Association (EAA) . pp. 1-42, European Accounting Association Annual Conference 2018, Milan, Italy, 30/05/18.

CEO education and the ability to raise capital. / Gounopoulos, Dimitrios; Loukopoulos, Panagiotis; Loukopoulos, Georgios.

2018 European Accounting Association (EAA) . 2018. p. 1-42.

Research output: Chapter in Book/Report/Conference proceedingConference contribution book

TY - GEN

T1 - CEO education and the ability to raise capital

AU - Gounopoulos, Dimitrios

AU - Loukopoulos, Panagiotis

AU - Loukopoulos, Georgios

PY - 2018/5/30

Y1 - 2018/5/30

N2 - We examine whether heterogeneity of CEO academic qualifications matters in explaining the performance of Initial Public Offerings (IPOs). We find that CEO education attainments perform a signaling role which depends not only on the level but also on the major of education. Specifically, we show that, irrespective of the level of academic achievements, IPO investors have a preference for top managers with practice or business oriented degrees as opposed to liberal arts degrees. Importantly, our findings suggest that both the level and quality of education training tend to reduce IPO underpricing, and this effect is less pronounced for less specialized degrees.

AB - We examine whether heterogeneity of CEO academic qualifications matters in explaining the performance of Initial Public Offerings (IPOs). We find that CEO education attainments perform a signaling role which depends not only on the level but also on the major of education. Specifically, we show that, irrespective of the level of academic achievements, IPO investors have a preference for top managers with practice or business oriented degrees as opposed to liberal arts degrees. Importantly, our findings suggest that both the level and quality of education training tend to reduce IPO underpricing, and this effect is less pronounced for less specialized degrees.

KW - initial public offerings (IPOs)

KW - CEO Education

KW - singalling

KW - underpricing

UR - http://eaa2018.eaacongress.org/userfiles/EAA%20Programme%202018.pdf

UR - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3373796

M3 - Conference contribution book

SP - 1

EP - 42

BT - 2018 European Accounting Association (EAA)

ER -

Gounopoulos D, Loukopoulos P, Loukopoulos G. CEO education and the ability to raise capital. In 2018 European Accounting Association (EAA) . 2018. p. 1-42