| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7935 |
| 来源ID | Working Paper 7935 |
| IPO Market Cycles: Bubbles or Sequential Learning? | |
| Michelle Lowry; G. William Schwert | |
| 发表日期 | 2000-10-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | We examine the strong cycles in the number of initial public offerings (IPOs) and in the average initial returns realized by investors who participated in the IPOs. At the aggregate level, initial returns are predictably related to past initial returns and also to future IPO volume from 1960-1997. To understand these patterns, we use firm-level data from 1985-97 to model the initial return. Our results show that aggregate IPO cycles occur because of the time it takes to complete an IPO, the clustering of similar types of IPOs in time, and information spillovers among IPOs. |
| 主题 | Financial Economics ; Corporate Finance ; Financial Institutions |
| URL | https://www.nber.org/papers/w7935 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565521 |
| 推荐引用方式 GB/T 7714 | Michelle Lowry,G. William Schwert. IPO Market Cycles: Bubbles or Sequential Learning?. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7935.pdf（179KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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