Isobe, Takehiko; Ito, Akitoshi; Kairys, Joseph - In: Asia-Pacific Financial Markets 5 (1998) 3, pp. 237-259
Using data on IPOs that are issued in Japan during January 1975–March 1989, we examine the deliberate underpricing and overreaction hypotheses to explain high initial returns at offering dates. Specifically, we analyze the cross-sectional pattern of the short- and long-run performance of IPOs....