CORWIN, SHANE A.; HARRIS, JEFFREY H.; LIPSON, MARC L. - In: Journal of Finance 59 (2004) 5, pp. 2339-2374
For NYSE-listed IPOs, limit order submissions and depth relative to volume are unusually low on the first trading day. Initial buy-side liquidity is higher for IPOs with high-quality underwriters, large syndicates, low insider sales, and high premarket demand, while sell-side liquidity is higher...
