public offerings listed in Indian stock market. We document a positive relationship between underpricing and subscription …

Previous studies have documented the reversal in the initial returns of REIT IPOs from overpricing in the 1980s to … underpricing in the 1990s. We find that the gross spreads of REIT IPOs decreased significantly in the 1990s. In particular, there … 64% in the 1990s. Higher gross spreads, overpricing, and high frequency of integer offer prices for REIT IPOs in the 1980 …

. First, we show that the P/E ratios of underlying stocks are related to the overpricing of put warrants and the underpricing …

-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that …-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long … term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by …

This paper shows that (i) project valuation via disequilibrium NPV+CAPM contradicts valuation via arbitrage pricing …, (ii) standard CAPM-minded decision makers may fail to profit from arbitrage opportunities, (iii) standard CAPM …-based valuation violates value additivity. As a consequence, the standard use of CAPM for project valuation and decision making should …

This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents … employing this NPV are open to arbitrage losses and miss arbitrage opportunities. As a result, even though the use of the …

) an example showing that CAPM-minded evaluators may incur arbitrage losses …This paper deals with the CAPM-derived capital budgeting criterion, and in particular with Rubinstein’s (1973 …

This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani … and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents … employing this NPV are open to arbitrage losses and miss arbitrage opportunities. As a result, even though the use of the …

Arbitrage". We show that expected wealth (the arbitrageurs' objective function) is a possibly non-concave function of investment …-Vishny-Modell zu Grenzen der Arbitrage vorgenommen. Zunächst wird gezeigt, dass die Zielfunktion der Arbitrageure - ihr erwartetes …