Morricone, SerenaMunari, FedericoOriani, RaffaeleDe Rassenfosse, Gaetan2017-07-102017-07-102017-07-10201710.1016/j.respol.2017.04.006https://infoscience.epfl.ch/handle/20.500.14299/138920WOS:000403997700007This paper studies the interplay between two defining features of technology-based firms: licensing as a commercialization strategy and the reliance on equity financing. Within the context of an IPO, we argue that the technology commercialization strategy of a firm going public affects information asymmetries and, therefore, 120 underpricing. In particular, we theorize that underpricing will be higher when a firm's technology commercialization strategy is more based on licenses. We also posit that the size of the patent portfolio will mitigate this effect. Our results from a sample of 130 IPOs in the U.S. semiconductor industry confirm these predictions.Initial public offering (IPO)UnderpricingLicensePatentSemiconductorEndogeneitytext::journal::journal article::research article