Haggard, K. Stephen; Xi, Yaoyi - In: Managerial Finance 43 (2017) 12, pp. 1392-1410
offering (IPO) lockup period is due to relaxation of selling constraints. Findings from more recent literature question this …/methodology/approach Using the IPO overvaluation measures of Purnanandam and Swaminathan (2004), the authors examine IPO lockup period stock … lockup period price reduction is strongly related to overvaluation. Zero-investment portfolios long in the lowest …