| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3343 |
| DP3343 The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests | |
| Piet Sercu; Prakesh Apte | |
| 发表日期 | 2002-04-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behaviour can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behaviour over the period which reduced key decision-makers? incentives to control underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the preponderance of Internet and high-tech firms going public. Our results suggest that it was firm characteristics that were unique during the ?dot-com bubble? and that pricing behaviour followed from incentives created by these characteristics. |
| 主题 | Financial Economics |
| 关键词 | Initial public offerings Underpricing Intermediation Internet Hot issue markets |
| URL | https://cepr.org/publications/dp3343 |
| 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/532366 |
| 推荐引用方式 GB/T 7714 | Piet Sercu,Prakesh Apte. DP3343 The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests. 2002. |
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