Palmucci, Fabrizio - 2013
The underpricing of initial public offerings (IPOs) is a deeply investigated phenomenon, commonly explained with … asymmetric information and risk. Ellul and Pagano (2006) first linked the underpricing with liquidity proxies like liquidity risk …-initiated block trade, and the underpricing to the price pressure effect of the trade itself, which means the price for the liquidity …