CHAMBERS, DAVID; DIMSON, ELROY - In: Journal of Finance 64 (2009) 3, pp. 1407-1443
A central measure of the efficiency of the Initial Public Offering (IPO) market is the extent to which issues are underpriced. We present new and comprehensive evidence covering British IPOs since World War I. During the period from 1917 to 1945, public offers were underpriced by an average of...