Nippel, Peter; Pierdzioch, Christian; Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2005
We study the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets … investments in secondary markets. Our theoretical model implies that such investments should give rise to positive index excess … returns in secondary markets. The results of our empirical tests, based on a dataset of stocks from the Neuer Markt and the …