Liquidity Benefits from IPO Underpricing: Ownership Dispersion or Information Effect
نویسندگان
چکیده
منابع مشابه
Underpricing, Ownership and Liquidity of Initial Public Offers (IPO) and Their Impact on Performance of IPO Stocks in Equity Markets of India
Paper studies the impact of the liquidity, underpricing and ownership up on both the short term and long term performance of the Initial Public Offer (IPO) stocks in the equity markets of India. Empirical analysis is undertaken to study the impact of liquidity, underpricing and ownership on Performance of IPO stocks. Multiple regression analysis is undertaken for analyzing the impact. It is fou...
متن کاملEconomic freedom and IPO underpricing
This paper examines how the difference in institutional environments constitutes differential IPO underpricing across countries. Using the Heritage Foundation’s Index of Economic Freedom (IEF) as a proxy for the heterogeneous institutional environment, and a sample of 3728 IPOs from 22 countries and regions over the period 1993–2014, we find that countries with higher economic freedom have sign...
متن کاملInvestment Banks' Entry into New IPO Markets and IPO Underpricing
Full terms and conditions of use:
متن کاملA Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance
I present a fully-rational symmetric-information model of an IPO, and a dynamic imperfectly competitive model of trading in the IPO aftermarket. The model helps to explain IPO underpricing, underperformance, and why share allocations favor large institutional investors. In the model, underwriters need to sell a fixed number of shares at the IPO or in the aftermarket. To maximize revenue and avo...
متن کاملMarket Sentiment, IPO Underpricing, and Valuation
We examine IPO underpricing, valuation, and wealth allocation in relation to investor sentiment, information asymmetry, and underwriter reputation. We find that underpricing is significantly higher for overvalued IPOs than for undervalued IPOs, and is positively correlated to investor sentiment. Information asymmetry is also positively correlated to the magnitude of underpricing but only for un...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Financial Management
سال: 2015
ISSN: 0046-3892
DOI: 10.1111/fima.12085