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Pricing initial public offerings in premature capital markets : the case of Hungary

Schindele, Ibolya; Perotti, Enrico C. - 2002

This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public … discount at privatization IPOs than at private issues, and a positive relation between underpricing and the proportion of … that the transition related determinants of underpricing disappear as the securities market becomes more mature. …

Persistent link: https://www.econbiz.de/10011598328

Understanding the pricing of initial public offerings

Chalk, Andrew J.; Peavy, John W. - 1986

Persistent link: https://www.econbiz.de/10000787877

The abnormal returns of UK privatisations : from underpricing to outperformance

Florio, Massimo; Manzoni, Katiuscia - 2002

This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of … that underpricing was not followed by underperformance, as is usually observed with IPOs, but rather strong outperformance …

Persistent link: https://www.econbiz.de/10011597836

IPO pricing with bookbuilding and a when-issued market

Stomper, Alex; Aussenegg, Wolfgang; Pichler, Pegaret - 2004

This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the...

Persistent link: https://www.econbiz.de/10011599065

Primary market design : direct mechanisms and markets

Stomper, Alex; Pichler, Pegaret - 2004

We develop a model that allows for the coexistence of bookbuilding and when-issued trading. We show that, due to interactions between these two processes, allowing for when-issued trading is for the most part beneficial for issuers. When-issued trading may interfere with information gathering...

Persistent link: https://www.econbiz.de/10011599123

Quid pro quo in IPOs : why book-building is dominating auctions

Degeorge, François; Derrien, François; Womack, Kent - 2004

from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing …

Persistent link: https://www.econbiz.de/10011607265

Liquidity events and returns of EIF-backed VC investments

Prencipe, Dario - 2017

Despite the sometimes intensive media coverage and exuberant storytelling around the industry, venture capital (VC) investors tend to operate in highly opaque markets. On this premise, this work contributes to the literature via a hand-collected dataset of about 3,600 EIF-backed VC investments...

Persistent link: https://www.econbiz.de/10011863286