| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1873 |
| DP1873 Headline Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence | |
| Alexander Ljungqvist; Michel Habib | |
| 发表日期 | 1998-04-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | We develop the implications of the observation that entrepreneurs can affect, to some extent at least, the level of underpricing in their firms? Initial Public Offerings (IPOs) by, for example, choosing highly reputable investment bankers as underwriters. We argue that entrepreneurs can, and will, minimize underpricing, but that they will do so only to an extent that is commensurate with the minimization of their wealth losses. Our empirical results suggest this is indeed the case in the United States: entrepreneurs will minimize underpricing until their marginal wealth losses equal the marginal cost of reducing headline underpricing. This suggests that private benefits may not be of primary importance when going public. |
| 主题 | Financial Economics |
| 关键词 | Agency costs Initial public offerings Private benefits of control Underpricing |
| URL | https://cepr.org/publications/dp1873 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531014 |
| 推荐引用方式 GB/T 7714 | Alexander Ljungqvist,Michel Habib. DP1873 Headline Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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