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Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?

Hopp, Christian (contributor); Dreher, Axel (contributor) - 2007

We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …

Persistent link: https://www.econbiz.de/10003763979

Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?

Hopp, Christian (contributor); Dreher, Axel (contributor) - 2007

Persistent link: https://www.econbiz.de/10003598649

Signaling by underpricing the initial public offerings of primary listings in an emerging market

Čornanič, Aleš; Novák, Jiri - 2013

The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...

Persistent link: https://www.econbiz.de/10009775653

Round-the-clock price discovery for cross-listed stocks : US-Dutch evidence

Menkveld, Albert J.; Koopman, Siem Jan; Lucas, André - 2003

U.S. trading in non-U.S. stocks has grown dramatically. Round-the-clock, these stocks trade in the home market, in the U.S. marketand, potentially, in both markets simultaneously. We use a state space model to study 24-hour price discovery. As opposed to thestandard variance ratio'' approach,...

Persistent link: https://www.econbiz.de/10011333901

The dotcom bubble and underpricing : conjectures and evidence

Carvalho, Antonio Gledson de; Pinheiro, Roberto B.; … - 2016

Persistent link: https://www.econbiz.de/10011593759

It hurts (stock prices) when your team is about to lose a soccer match

Ehrmann, Michael; Jansen, David-Jan - 2014

probability of underpricing increases as elimination from the tournament becomes more likely. …

Persistent link: https://www.econbiz.de/10010235888

Underpricing of initial public offerings in experimental asset markets

Füllbrunn, Sascha; Neugebauer, Tibor; Nicklisch, Andreas - 2019

The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories … explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect … report underpricing in each of these IPO mechanisms. Uncertainty about the aftermarket behavior may partly explain IPO excess …

Persistent link: https://www.econbiz.de/10012233231

Stock price management and share issuance : evidence from equity warrants

Barth, Mary E.; Gee, Kurt H.; Israeli, Doron; Kasznik, Ron - 2017

We investigate whether firms manage stock prices in anticipation of share issuance. Warrant exercise results in share issuance and warrant expiration dates are fixed years in advance, which precludes market timing. We predict firms manage stock prices to prevent (induce) warrant exercise when...

Persistent link: https://www.econbiz.de/10011870355

Supply matters for asset prices : evidence from IPOs in emerging markets

Braun, Matías (contributor); Larrain, Borja (contributor) - 2006 - This version: December 2005 (first draft: June 2005)

We show that the introduction of a new asset affects the prices of previously existing assets in a market. Using data from 254 IPOs in emerging markets, we find that stocks in industries that covary highly with the industry of the IPO experience a larger decline in prices relative to other...

Persistent link: https://www.econbiz.de/10003286753

Flying under the radar : the effects of short-sale disclosure rules on investor behavior and stock prices

Jank, Stephan; Roling, Christoph; Smajlbegovic, Esad - 2016

This paper analyzes how newly introduced transparency requirements for short positions affect investors' behavior and security prices. Employing a unique data set, which contains both public positions above and confidential positions below the regulatory disclosure threshold, we offer several...

Persistent link: https://www.econbiz.de/10011500150

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