CEO education and the ability to raise capital

Dimitrios Gounopoulos, Panagiotis Loukopoulos, Georgios Loukopoulos

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

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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.
Original languageEnglish
Title of host publication2018 European Accounting Association (EAA)
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


ConferenceEuropean Accounting Association Annual Conference 2018
Abbreviated titleEAA 2018
Internet address



  • 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)