Agarwal, Sumit; Liu, Chunlin; Rhee, S. Ghon - In: Journal of International Financial Markets, … 18 (2008) 2, pp. 176-190
In this study, we examine the relation between pre-offering demand and aftermarket performance of IPO firms in the Hong Kong stock market. We find that IPOs with high investor demand realize large positive initial returns but negative long-run excess returns, while IPOs with low investor demand...