Lacking examples of IPO mechanisms that are open to the public and priced competitively, previous studies could not determine what size discount, if any, is efficient. We test and reject the hypothesis that underpricing is efficient or consistent with competition by comparing two consecutive...

International multiple listing offers a unique opportunity to study the efficiency of information transmission across national markets. The knowledge gained from observing a stock of the same company priced in multiple markets differs from what may be gained from observing relations across...

International multiple listing offers a unique opportunity to study the efficiency of information transmission across national markets. The knowledge gained from observing a stock of the same company priced in multiple markets differs from what may be gained from observing relations across...

Lacking examples of initial public offering (IPO) mechanisms that are open to the public and priced competitively, previous studies could not determine what size discount, if any, is economically efficient. We compare two pricing regimes on the Tel Aviv Stock Exchange: an investor-driven Dutch...