CEO Education and the Ability to Raise Capital

Dimitrios Gounopoulos, George Loukopoulos, Panagiotis Loukopoulos

Research output: Contribution to journalArticlepeer-review

24 Citations (SciVal)


Using a unique hand-collected dataset, this study examines the role of Chief Executive Officer (CEO) educational attainments in relation to newly public firms.
We find that Initial Public Offering (IPO) firms led by CEOs with superior educational credentials — in terms of level and quality — are associated with lower levels of IPO underpricing. This association is mainly driven by CEOs that hold advanced degrees. Notably, a difference-in-difference approach based on two quasi-natural experiments indicates that the impact of CEO education on IPO underpricing is more pronounced within environments characterized by lower information transparency. The baseline results also hold in the longer term, thereby confirming the value of signaling prestigious academic awards at the time of the IPO.
Original languageEnglish
Pages (from-to)67-99
Number of pages33
JournalCorporate Governance: An International Review
Issue number1
Early online date21 Sept 2020
Publication statusPublished - 27 Jan 2021


  • Initial Public Offerings, Underpricing, CEO Education, Signaling, Post-IPO Performance


Dive into the research topics of 'CEO Education and the Ability to Raise Capital'. Together they form a unique fingerprint.

Cite this