The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories … explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect … report underpricing in each of these IPO mechanisms. Uncertainty about the aftermarket behavior may partly explain IPO excess …

underwriters' valuation and underpricing in 113 firms going public on Borsa Istanbul. It argues that underwriter discretion in the … valuation is crucial to underpricing in the Turkish market, where fixed price is the dominant method of offering and retail … initial returns. One standard deviation increase in deliberate discounts is associated with a 30.4% reduction in underpricing …

(IPOs), both at the level of initial underpricing and at the level of 1-, 3- and 5-year performance. Our results represent a … anomaly that occurs on the first day of IPO listing, i.e., underpricing, whereas this study is more ambitious; it considers … the institutional effect on both underpricing and the long-term performance of the IPOs considered, which makes it …