Purpose: The purpose of this paper is to examine the underpricing of initial public offers (IPOs), which were announced … performance of IPOs during the recent global financial crisis. Methodology: This paper studies the underpricing of 133 IPOs in … underpricing, which is examined in various window periods. Further, industry- and year-wise offers are analyzed and interpreted …

information from as long as four months before the IPO. As in the US, price adjustments are asymmetric. Prices adjust more fully … expectation that the offer price will be based on the relative market values of public companies up to four months before the IPO …-adjust relative to public information that is revealed before the IPO and the under-adjustment is substantially reversed in the …

institutional investing is low. The results raise important questions about theoretical interpretations of IPO underpricing in the U … offer tranche) were sold a few days later by a firm commitment at a fixed price. We document underpricing and partial … adjustment of IPO public offer prices in Japan's auction regime, a regime where: investors are symmetrically informed or …

We examine IPOs in Korea during the period August 2000–January 2002. We conclude that the high level of underpricing in … period the rules were changed somewhat. The result was a change to gaming behavior and somewhat less underpricing. …

We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The … capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms … and a high degree of price uncertainty. Furthermore, we provide a new rationale for underpricing. Young venture …

We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The … capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms … a high degree of price uncertainty. Furthermore, we provide a new rationale for underpricing. Young venture capitalists …

of the shareholders and relate them to both the probability of the IPO and the underpricing. We show that companies held … accept a lower price for the sale of its shares, i.e. tolerate higher underpricing. We test these hypotheses by considering … composition of all the investors in the companies being taken public, both before and after the IPO, as well as the portfolio …

The phenomenon of underpricing is the subject of many studies on the stock markets, but there is still a research gap … and such an anomaly as underpricing could be a barrier for development of young companies. It means so-called money left … regulations on the European Alternative Investment Markets are correlated with the higher value of underpricing as the …

different theories of IPO underpricing and clustering. Further, we illustrate how using such a set of robust explanatory … explain initial IPO returns. We establish a parsimonious list of robust variables and evaluate their implications for …. Researchers who identify new potential predictors of IPO initial returns should control for the list of robust variables we …