Results 181 to 190 of about 17,176 (202)
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Review of Financial Studies, 2004
While IPOs have been underpriced by more than 10% during the past two decades, we find that in a sample of more than 2,000 IPOs from 1980 to 1997, the median IPO was significantly overvalued at the offer price relative to valuations based on industry peer price multiples. This overvaluation ranges from 14% to 50% depending on the peer matching criteria.
Amiyatosh K. Purnanandam +1 more
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While IPOs have been underpriced by more than 10% during the past two decades, we find that in a sample of more than 2,000 IPOs from 1980 to 1997, the median IPO was significantly overvalued at the offer price relative to valuations based on industry peer price multiples. This overvaluation ranges from 14% to 50% depending on the peer matching criteria.
Amiyatosh K. Purnanandam +1 more
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Journal of Corporate Finance, 2019
Abstract This study examines the impact of trust on initial public offering (IPO) underpricing using a large sample of IPO firms in China. We find that firms in regions of high social trust have lower underpricing, consistent with the notion that IPO firms in low-trust regions have to offer greater underpricing to secure participation. This result is
Xiaorong Li, Steven Shuye Wang, Xue Wang
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Abstract This study examines the impact of trust on initial public offering (IPO) underpricing using a large sample of IPO firms in China. We find that firms in regions of high social trust have lower underpricing, consistent with the notion that IPO firms in low-trust regions have to offer greater underpricing to secure participation. This result is
Xiaorong Li, Steven Shuye Wang, Xue Wang
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Investment banks and underpricing
2018After the Internet Bubble in 1999-2000, US investigators found that investment banks have manipulated initial public offerings (IPO) in differing schemes to create higher profits at the cost of investors and issuing firms. One of these schemes included profit sharing agreements in which an investment bank offered underpriced share allocations of ...
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Underpricing and perceived scarcity
Journal of Economic Behavior & Organization, 2023Botir B. Okhunjanov +2 more
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Testing Theories of Underpricing
1995The previous chapter provides an extensive review of the main theories so far proposed to explain underpricing. The primary “orthodox” explanations — adverse selection, principal-agent relationships, and signalling by issuers — all suggest that underpricing arises as a rational, equilibrium response to some important informational asymmetry between ...
Seth C. Anderson +2 more
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How underinvestment reduces underpricing
International Journal of Finance & EconomicsAbstractWe develop an economic model demonstrating that firms can benefit from committing to underinvestment. The model considers a firm's IPO, secondary‐market trading and subsequent investment decision. We analyse the conditions under which underinvestment can paradoxically be advantageous despite reducing the fundamental value of the firm.
Marco Bade, Hans Hirth
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Confucianism and IPO underpricing
Pacific-Basin Finance Journal, 2022Haiming Liu, Yao-Min Chiang
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