| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3072 |
| DP3072 Strange Bids: Bidding Behaviour in the United Kingdom's Third Generation Spectrum Auction | |
| Christian Dustmann; Tilman Börgers | |
| 发表日期 | 2001-11-23 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Our model of the initial public offering process links the three main empirical IPO ?anomalies? ? underpricing, hot issue markets, and long-run underperformance ? and traces them to a common source of inefficiency. We relate hot IPO markets (such as the 1999/2000 market for Internet IPOs) to the presence of a class of investors who are ?irrational? in the sense of having exuberant expectations regarding future performance. Underpricing and long-run underperformance emerge as underwriters attempt to maximize profits from the sale of equity, at the expense of these exuberant investors. Underpricing serves to compensate regular IPO investors for their role in restricting the supply of available shares and maintaining prices. The model is shown to be consistent with many aspects of the IPO process. It also generates a number of new empirical predictions. |
| 主题 | Financial Economics |
| 关键词 | Initial public offerings Hot issue markets Behavioural finance Long-run performance |
| URL | https://cepr.org/publications/dp3072 |
| 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/532106 |
| 推荐引用方式 GB/T 7714 | Christian Dustmann,Tilman Börgers. DP3072 Strange Bids: Bidding Behaviour in the United Kingdom's Third Generation Spectrum Auction. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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