Fabrizio, Palmucci - In: Banca Impresa Società (2011) 2, pp. 237-260
Ellul and Pagano (2006), who build upon liquidity risk and effective spread (as liquidity proxy), this paper introduces a … new liquidity based explanation: assimilating an IPO to a large sell-initiated block trade, I suggest to look at the … underpricing as the price for the liquidity «bought» by the seller. Then, this price should be lower (higher) for more (il …