.... Findings Local official turnover-induced political uncertainty increases IPO underpricing by IPO firms voluntarily reducing the issuance price rather than by affecting investor sentiment in aftermarket trading. These relations are stronger in firms with pre-IPO political connections. The effect...

... and unique role in the effect of local official turnover on firms' asymmetric cost behavior. Second, our study relates to the work by Lee et al. (2020) , which investigates the impact of political uncertainty arising from national elections on cost stickiness in 55 countries. Nonetheless...