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We develop a theory of initial public offering (IPO) underpricing based on differentiated underwriting services and localized competition. Even though a large number of investment banks compete for IPOs, if issuers care about non-price dimensions of underwriting, then the industry structure is...
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better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs …) in the United States, since REITs are relatively transparent during normal times, and since the real estate sector, as a … regression analysis finds that the severity of the pandemic increases analysts' forecast error and dispersion. Government …
Persistent link: https://www.econbiz.de/10013201141
better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs …) in the United States, since REITs are relatively transparent during normal times, and since the real estate sector, as a … regression analysis finds that the severity of the pandemic increases analysts' forecast error and dispersion. Government …
Persistent link: https://www.econbiz.de/10012628786
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