Allocations, Adverse Selection and Cascades in IPOs . Evidence from Israel

This paper examines three theories of IPO underpricing, using data from Israel where the allocations to subscribers are equally prorated and publicly known. Rocks (1986) theory of adverse selection is supported: subscribers receive greater allocations in overpriced IPOs.(...)

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Year of publication:	2001-10-01
Authors:	Amihud, Yakov ; Hauser, Shmuel ; Kirsh, Amir
Publisher:	Salomon Center <New York, NY>
Subject:	Going Public \| Wertpapieremission \| Adverse Selektion

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Extent:	293888 bytes 42 p. application/pdf
Series:	NYU Salomon Center for the Study of Financial Institutions - Financial Institutions - Publications Working Paper ; S-FI-01-08
Type of publication:	Book / Working Paper
Language:	English
Classification:	Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; Israel
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005846974