This study aims to determine whether the involvement of prestigious attorneys in issuing companies affects withdrawals in the initial public offering (IPO) market. There is little evidence on how the involvement of famous lawyers affects IPO withdrawal. The study considers a large dataset consisting of 24,312 IPOs that were either successful or withdrawn from 22 distinct IPO marketplaces between January 1995 and December 2019. We find that IPO issuers may benefit from engaging with reputed attorneys by leveraging exceptional legal or negotiating abilities as quality certification signals to reduce IPO investors’ ex-ante uncertainty. Here, the objective is to protect their IPOs from withdrawal of at least by 22%. Multiple robustness tests validate the reliability of the results of this study. These findings have significant implications for researchers, legislators, investors, and issuers.

中文翻译：

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知名律师对全球一级市场IPO退出的影响

本研究旨在确定知名律师参与发行公司是否会影响首次公开募股（IPO）市场的退出。很少有证据表明著名律师的参与如何影响IPO退出。该研究考虑了一个大型数据集，其中包括 1995 年 1 月至 2019 年 12 月期间从 22 个不同 IPO 市场成功或撤回的 24,312 次 IPO。我们发现，IPO 发行人可以通过利用卓越的法律或谈判能力作为质量认证，从与知名律师的合作中受益减少 IPO 投资者事前不确定性的信号。这里的目标是保护他们的 IPO 不被撤回至少 22%。多项稳健性检验验证了本研究结果的可靠性。这些发现对研究人员、立法者、投资者和发行人具有重大影响。