This paper is an attempt to empirically explore the determinants of underpricing of IPOs in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from...

Die empirische Überprüfung von steuerlich bedingten Marktsegmentationen (Steuer-Klientel- Effekten) ergab an den DM-Anleihemärkten asymmetrische Ergebnisse für Anleihen in Abhängigkeit von deren Kurshöhe. Im vorliegenden Beitrag werden diese Resultate durch Friktionen bei der Bildung von...

Die asymmetrische Besteuerung von Zinseinkünften und Kursgewinnen bei Privatanlegern kann zu Marktsegmentationen führen, die als Steuer-Klientel-Effekte bezeichnet werden. In der vorliegenden empirischen Studie wird dazu erstmals eine systematische quantitative Auswertung an den...

The first issue of shares is the key moment in the life cycle of any company that was not previously listed on a stock exchange. Considering the fact that transformation into a public open joint stock company brings along a number of advantages and challenges, it would be of great importance to...

The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect market conditions in the laboratory: a stylized book...

This paper sets up an experimental asset market in the laboratory to investigate the effects of ambiguity on price formation and trading behavior in financial markets. The obtained trading data is used to analyze the effect of ambiguity on various market outcomes (the price level, volatility,...

The trading of securities on multiple markets raises the question of each market's share in the discovery of the informationally efficient price. We exploit salient distributional features of multivariate financial price processes to uniquely determine these contributions. Thereby we resolve the...