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In this article, we gather public information at the firm level during the initial public offering (IPO) registration period and examine its impact on IPO pricing. First, we show that the firm origin and the number of IPO amendments filed during the registration period are correlated with negative news, whereas positive news is essentially driven by previous IPO experience and underwriter prestige. Second, our main findings reveal that the type of firm-specific information (good or bad news) during the registration period has implications for initial returns, pricing and trading volume. These results support the idea that the pricing process of IPOs is not completely efficient.
