Partial adjustment to public information and IPO underpricing

被引:238
作者
Bradley, DJ
Jordan, BD
机构
[1] Clemson Univ, Coll Business & Behav Sci, Clemson, SC 29634 USA
[2] Univ Kentucky, Gatton Coll Business & Econ, Lexington, KY 40506 USA
关键词
D O I
10.2307/3595013
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We examine the extent to which offer prices reflect public information for 3,325 IPOs over the period 1990-1999. We focus primarily on four variables: share overhang, file range amendments, venture capital backing, and previous issue underpricing. We show that 35%-50% of the variation in IPO underpricing can be predicted using public information known before the offer date and therefore conclude that IPO offer prices underadjust to widely available public information to a much greater extent than previously documented.
引用
收藏
页码:595 / 616
页数:22
相关论文
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