This paper provides evidence consistent with retail investors experiencing choice overload when presented with an increasing number of IPOs to choose from. We find that both the average first day return and trading volume are lower in weeks with higher number of IPOs. However, with more IPOs,...

We find that the degree of expected idiosyncratic skewness in seasoned equity issuers' stock returns is an important determinant of flotation costs and subsequent abnormal stock performance. High skewness issuers incur significantly greater offer price discounts, particularly when institutional...

We find that the degree of expected idiosyncratic skewness in seasoned equity issuers' stock returns is an important determinant of flotation costs and post-issue abnormal stock performance. High skewness issuers incur significantly greater offer price discounts, particularly when institutional...