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IPO underpricing, signaling, and property returns
Brämisch, Fabian; Rottke, Nico; Schiereck, Dirk - In: Financial Markets and Portfolio Management 25 (2011) 1, pp. 27-51
Persistent link: https://www.econbiz.de/10008926387
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Signaling by Underpricing the Initial Public Offerings of Primary Listings in an Emerging Market
Cornanic, Ales; Novak, Jiri - Institut ekonomických studií, Univerzita Karlova v Praze - 2013
The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...
Persistent link: https://www.econbiz.de/10010686527
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Aftermarket Performances of Book Building and Fixed Price Offerings on the Istanbul stock Exchange
Uzun, Erkin - In: Istanbul Stock Exchange Review 11 (2009) 43, pp. 53-80
The objective of this study is to compare fixed price and book building IPOs in terms of aftermarket performances. On a sample of 28 IPOs (15 book build and 13 fixed price) from 2004 to 2007, it is found that book built IPOs outperform fixed price IPOs, on the contrary to most of the studies...
Persistent link: https://www.econbiz.de/10010764121
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Market conditions, underwriter reputation and first day return of IPOs
Chua, Ansley - In: Journal of Financial Markets 19 (2014) C, pp. 131-153
In this study, I develop a model that describes underwriters' price-setting behavior during initial public offerings (IPOs). Because of reputational concerns during high valuation periods, top-tier underwriters adjust the initial offer price valuation to the lower, historical industry valuation....
Persistent link: https://www.econbiz.de/10010869372
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Underpricing, long-run performance and secondary-market liquidity: an empirical examination of Indian IPO market
Wadhwa, Kavita; Syamala, Sudhakara Reddy; Reddy, V. Nagi - In: Afro-Asian Journal of Finance and Accounting 4 (2014) 1, pp. 75-93
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 …
Persistent link: https://www.econbiz.de/10010816843
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Initial uncertainty and the risk of setting a fixed-offer price: Implications for the pricing of bookbuilt and best-efforts IPOs
Jones, Steven L.; Yeoman, John C. - In: Journal of Corporate Finance 27 (2014) C, pp. 194-215
costs of over and underpricing. Assuming that the goal of issuers in bookbuilt IPOs is to maximize net offering proceeds … underpricing. Similarly, considering the expected costs of overpricing makes the underpricing of best-efforts IPOs in the interest …
Persistent link: https://www.econbiz.de/10011052878
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Existe-t-il une gestion managériale du flottant et du prix d’offre lors d’une introduction en Bourse sur Euronext Paris ? - Is there a management of the float and the offer price d...
Poincelot, Evelyne; Poincelot, Dominique - Université de Bourgogne - CREGO EA7317 Centre de … - 2015
(VF) L’objectif de cet article est d’étudier dans quelle mesure les motivations à s’introduire en Bourse ainsi que les conséquences sur la performance peuvent conditionner le choix du taux de flottant et du prix offert à l’introduction impliquant une décote. A partir de 75...
Persistent link: https://www.econbiz.de/10011123759
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The Link between IPO Underpricing and Trading Volume: Evidence from the Istanbul Stock Exchange
Yüksel, Aydin; Yüksel, Asli - In: Journal of Entrepreneurial Finance 11 (2006) 3, pp. 57-78
Recent evidence from U.S. markets shows that IPO underpricing is associated with high liquidity for issuing firms. One … explanation given for this link is that IPO firms simultaneously decide on share retention and underpricing to maximize … support the argument that IPO firms use underpricing as a tool to make up the reduction in liquidity caused by higher share …
Persistent link: https://www.econbiz.de/10011168530
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The venture capital certification role in R&D: Evidence from IPO underpricing in Korea
Cho, Jaemin; Lee, Jaeho - In: Pacific-Basin Finance Journal 23 (2013) C, pp. 83-108
exhibit underpricing; such studies have also attempted to identify the reasons for this underpricing phenomenon. Utilizing … research and development (R&D) can be important factors that influence IPO underpricing. However, these studies have not … demonstrated how venture capital might function as a moderating force between R&D investment and the underpricing of IPOs. This …
Persistent link: https://www.econbiz.de/10010636103
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Searching for Google's Value: Using Prediction Markets to Forecast Market Capitalization Prior to an Initial Public Offering
Berg, Joyce E.; Neumann, George R.; Rietz, Thomas A. - In: Management Science 55 (2009) 3, pp. 348-361
's auction) predicted similar degrees of underpricing. We argue that, with repetition, such markets could provide useful …
Persistent link: https://www.econbiz.de/10009191296