Bossaerts, Peter; Hillion, Pierre - In: The Review of Economics and Statistics 83 (2001) 2, pp. 333-347
There appear to be no anomalies in the aftermarket of a sample of 4,848 U.S. IPOs over the period 1975 to 1995, except issues offered below $6. Risk is priced in the aftermarket in accordance with Rubinstein's asset-pricing model. Unlike under the efficient markets hypothesis (EMH), however,...