Please click on the following diagrams to see them in their full size. The full study was published in the Journal of Corporate Finance and can be found here . A pre-publication version of the same study is available from the SSRN website . See also my blog on the Cadbury Code which refers to above study. Chapter 14 of International Corporate Governance reviews corporate governance issues pertaining to initial public offerings. Legal disclaimer: This blog reflects my personal opinion and not necessarily that of my employer. Any links to external websites are provided for information only and I am neither responsible nor do I endorse any of the information provided by these websites.