an ideal environment to test numerous underpricing models by simultaneously measuring the effects of allocation … in lower underpricing. This favors models that highlight the importance of the underwriting function on underpricing, and …The presence of both restricted and unrestricted, US-style, bookbuilt initial public offer (IPOs) in Hong Kong provides …

underpricing of initial public offerings (IPOs) that is observed. I suggest that the quantitative magnitude of underpricing can be … with underwriting rather than on maximizing the offer proceeds, and there is limited competition between underwriters … except for the smallest companies going public, IPOs have long-run returns that are similar to those on seasoned stocks with …

during the bookbuilding process and the subsequent performance of IPOs in the immediate aftermarket. We show that, to retail …India has the unique distinction of being the only country that releases information on the IPO bookbuilding process … investors, institutional bids in the early days of the bookbuilding process offer a coherent signal about the quality of the IPO …

of adjustment rates for public and private pricing information gathered during bookbuilding. The estimated upward … predict a complete adjustment to public information and highlight the inefficiency of the IPO bookbuilding mechanism in …

In this paper, we study the underpricing, long-run performance of IPOs and the impact of underpricing on secondary … market liquidity of IPOs which were issued in India during the period 2000-2008. The average underpricing for Indian IPOs is … 37%. Uncertainty, information asymmetry and investor optimism are the factors which explain underpricing. The IPOs which …