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Initial Public Offerings : Investor Behavior and Underpricing

Shiller, Robert J. - 1988

investor behavior that might be relevant to theories of their underpricing. Respondents were asked for their perception of the … allocation process, their concern with stockbroker or underwriter reputation, their theories of IPO underpricing, and their … existing theories of IPO underpricing. and also suggesting different hypotheses. The impresario hypothesis is that underwriters …

Persistent link: https://www.econbiz.de/10012476252

A Review of IPO Activity, Pricing, and Allocations

Ritter, Jay - 2002

considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe … area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO …

Persistent link: https://www.econbiz.de/10012469910

Stock Issues and Investment Policy When Firms Have Information That Investors Do Not Have

Myers, Stewart C. - 1982

This paper describes corporate investment and financing decisions when managers have inside information about the value of the firm's existing investment and growth opportunities, but cannot convey that information to investors. Capital markets are otherwise perfect and efficient. In these...

Persistent link: https://www.econbiz.de/10012478227

Biases in the IPO Pricing Process

Lowry, Michelle - 2001

consistent with one or more theories regarding IPOs, many remain a puzzle …

Persistent link: https://www.econbiz.de/10012470130

The Informational Content of Initial Public Offerings

Gale, Ian - 1990

The ability of capital markets to distinguish firms of different value by the size of their initial equity offerings is attenuated when insiders can sell equity more than once. A model is developed in which there is price risk from holding equity between periods. When the uncertainty is small....

Persistent link: https://www.econbiz.de/10012475778

Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance

Calomiris, Charles W. - 2019

highlights the role of underwriter certification in the performance of SEOs. Controlling for the matching between underwriters …

Persistent link: https://www.econbiz.de/10012480288

The Rise of Dual-Class Stock IPOs

Aggarwal, Dhruv Chand; Eldar, Ofer; Hochberg, Yael V.; … - National Bureau of Economic Research - 2021

We create a novel dataset to examine the nature and determinants of dual-class IPOs. We document that dual-class firms …

Persistent link: https://www.econbiz.de/10012496163

The Underreaction Hypothesis and the New Issue Puzzle : Evidence from Japan

Kang, Jun-Koo - 1996

This paper investigates the long-term performance of Japanese firms issuing convertible debt or equity. We find that these firms perform poorly even though the stock-price reaction to convertible debt and equity issue announcements is not significantly negative for Japanese firms and Japanese...

Persistent link: https://www.econbiz.de/10012473009

Understanding Stock Price Behavior around the Time of Equity Issues

Korajczyk, Robert A. - 1989

It is well-documented that stock prices rise significantly prior to an equity issue, and fall upon announcement of the issue. We expand on earlier studies by using a large sample which includes OTC firms, by examining the cross-sectional properties of the price rise, and by using accounting data...

Persistent link: https://www.econbiz.de/10012475871

The Effect of Information Releases on the Pricing and Timing of Equity Issues : Theory and Evidence

Korajczyk, Robert A. - 1988

This paper develops a formal model of the timing and pricing of new equity issues, assuming that managers are better informed than new investors about the quality of the firm. Firms will prefer to issue equity when the market is most informed about the quality of the firm. This implies that...

Persistent link: https://www.econbiz.de/10012476333