Seasonal Affective Disorder and IPO Underpricing : Updated Evidence

Using several proxies for seasonal affective disorder (SAD), we find that SAD negatively affects IPO first trading day return (underpricing) during the 1981-1989 and 1999-2000 periods, but not during the 1990-1998 and 2001-2007 periods. During those periods when SAD affects IPO underpricing, firm exposure mitigates the negative effect of SAD. In addition, over the years 1981-2000, we find a negative effect of SAD on the offer price revision of the IPO during bookbuilding, which suggests pre-market investors adjust for SAD effects during the bookbuilding process

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Year of publication:	2015
Authors:	Keef, Stephen P.
Other Persons:	O'Connor Keefe, Michael (contributor) ; Khaled, Mohammed (contributor)
Publisher:	[2015]: [S.l.] : SSRN
Subject:	Börsengang \| Initial public offering \| Börsenkurs \| Share price \| Aktienmarkt \| Stock market \| Saisonale Schwankungen \| Seasonal variations \| Psychische Krankheit \| Mental disorder

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Extent:	1 Online-Ressource (43 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Journal of Neuroscience, Psychology, and Economics, 8, 2(2015), pp. 78–99 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 10, 2015 erstellt
Other identifiers:	10.2139/ssrn.2343930 [DOI]
Classification:	G10 - General Financial Markets. General ; G11 - Portfolio Choice ; G12 - Asset Pricing
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013034849