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Underpricing, risk management, hot issue and crowding out effects : evidence from the Australian resources sector initial public offerings

Nguyen, Hoa; Dimovski, William; Brooks, Robert - 2010

–2004 period to test the underpricing effect. We do not find any evidence that risk management can reduce the uncertainty relating … to the new issue and hence alleviate the extent of underpricing. A plausible explanation for this lack of evidence is the … provide evidence that the underpricing returns for resources IPOs are not impacted upon by the strength of alternative …

Persistent link: https://www.econbiz.de/10009483901

Earnings Management and the Pricing of Initial Public Offerings

Nagata, Kyoko; Hachiya, Toyohiko - In: Review of Pacific Basin Financial Markets and Policies … 10 (2007) 04, pp. 541-559

another explanation for IPO underpricing. …

Persistent link: https://www.econbiz.de/10004970146

An Examination of the Underpricing of H-Share IPOs in Hong Kong

Chong, Terence Tai-Leung; Yuan, Shuo; Yan, Isabel Kit-Ming - In: Review of Pacific Basin Financial Markets and Policies … 13 (2010) 04, pp. 559-582

The main purpose of this paper is to study the empirical determinants of the underpricing of H-share initial public … incorporated in China, but are also listed abroad. Our estimates indicate that the average IPO underpricing level of H-shares was … about 16.8%. We find that the conventional explanations for the worldwide IPO underpricing are not adequate in explaining …

Persistent link: https://www.econbiz.de/10008773567

The aftermarket pricing performance of initial public offers: Insights from India

Reddy, K. Srinivasa - Volkswirtschaftliche Fakultät, … - 2011

Purpose: The purpose of this paper is to examine the underpricing of initial public offers (IPOs), which were announced … performance of IPOs during the recent global financial crisis. Methodology: This paper studies the underpricing of 133 IPOs in … underpricing, which is examined in various window periods. Further, industry- and year-wise offers are analyzed and interpreted …

Persistent link: https://www.econbiz.de/10011210490

When the U.S. Stock Market Becomes Extreme?

Aboura, Sofiane - In: Risks 2 (2014) 2, pp. 211-225

Over the last three decades, the world economy has been facing stock market crashes, currency crisis, the dot-com and real estate bubble burst, credit crunch and banking panics. As a response, extreme value theory (EVT) provides a set of ready-made approaches to risk management analysis....

Persistent link: https://www.econbiz.de/10011030559

The Impact of Systemic Risk on the Diversification Benefits of a Risk Portfolio

Busse, Marc; Dacorogna, Michel; Kratz, Marie - In: Risks 2 (2014) 3, pp. 260-276

Risk diversification is the basis of insurance and investment. It is thus crucial to study the effects that could limit it. One of them is the existence of systemic risk that affects all of the policies at the same time. We introduce here a probabilistic approach to examine the consequences of...

Persistent link: https://www.econbiz.de/10011030572

Measuring the climate risk exposure of insurers

Jung, Hyeyoon; Engle, Robert F.; Ge, Shan; Zeng, Xuran - 2023

Insurance companies can be exposed to climate-related physical risk through their operations and to transition risk through their $12 trillion of financial asset holdings. We assess the climate risk exposure of property and casualty (P&C) and life insurance companies in the U.S. We construct a...

Persistent link: https://www.econbiz.de/10014313988

Measuring the Climate Risk Exposure of Insurers

Jung, Hyeyoon; Engle, Robert F.; Ge, Shan; Zeng, Xuran - 2023

Persistent link: https://www.econbiz.de/10014353337

Underpricing, Risk Management, Hot Issue and Crowding out Effects: Evidence from the Australian Resources Sector Initital Public Offerings

Nguyen, Hoa; Dimovski, William; Brooks, Robert - Deakin University, Faculty of Business and Law, School … - 2007

resource sector for the 1994 – 2004 period. Consistent with the existing IPO literature, we document a 16.13% underpricing … issue and hence alleviates the extent of underpricing, we do not find any evidence in support of such contention. In … addition to the conventional variables used to explain IPOs underpricing, we further provide evidence that the demand for …

Persistent link: https://www.econbiz.de/10005187583

Forecasting aggregate stock returns using the number of initial public offerings as a predictor

Kolev, Gueorgui I. - In: Economics Bulletin 7 (2008) 13, pp. 1-8

Large number of Initial Public Offerings (IPOs) reliably predicts subsequent low equally weighted aggregate stock returns and the return differential between small and big firms, both in-sample and out-of-sample. The forecasting patterns are consistent with a behavioral story featuring investor...

Persistent link: https://www.econbiz.de/10010629588