Kutsuna, Kenji; Smith, Janet Kiholm; Smith, Richard L. - Graduate School of Business Administration, Kobe University - 2006
We use a sample of JASDAQ IPOs to study the effects of public information on offer price formation, initial returns … in response to negative than to positive public information. It appears that adjustments are limited by an implicit …-adjust relative to public information that is revealed before the IPO and the under-adjustment is substantially reversed in the …