Walker, Thomas J.; Lin, Michael Y. - In: International Journal of Managerial Finance 3 (2007) 3, pp. 200-228
behavior of IPO volume and initial returns over time is well documented. Few studies, however, investigate the dynamic … simultaneous equation approach is used to examine the endogenous relationship between IPO volume and initial returns. In addition … higher IPO volume causes higher initial returns, but not vice versa . In addition, evidence is found against the …