Li, Mingsheng; Zheng, Steven Xiaofan; Melancon, Melissa V. - In: International Journal of Managerial Finance 1 (2005) April, pp. 76-94
Purpose – To test the effects of underpricing and share retention (i.e. the proportion of shares retained by the pre-initial-public-offering (IPO) owners) on IPO aftermarket liquidity. Design/methodology/approach – Uses both percentage spread and turnover ratio to measure liquidity. The...
