Abstract
Based on an international sample, this paper examines the relationship between FinTech IPOs (venture capital and equity crowdfunding-backed) and short-run performance, i.e. the level of underpricing. After correcting for selection bias, we document that FinTech IPOs are more underpriced than similar non-FinTech IPOs. The results are resilient to unobserved factors issue and confirm a positive relationship between being a Fintech IPO and a higher level of underpricing. The analysis offers a better understanding of the effects of FinTech industry on stock underpricing by providing some implications for managers and entrepreneurs.
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