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Since the last decade management researchers have actively studied the phenomenon of underpricing in initial public offerings. The information asymmetry argument derived from signaling theory is the most commonly used theoretical framework. This essay reviews how the argument is formulated in 14 prior studies published in leading management and entrepreneurship journals. Two major problems are identified: a signal is erroneously argued to have an effect on information asymmetry and the uninformed investors involved in an information asymmetry situation are either ambiguously specified or misspecified. We suggest broadening the scope of underpricing research to include alternative theoretical perspectives and to consider underpricing as an independent variable
