全球智库信息集成服务系统(G2TT): Biases in the IPO Pricing Process

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w8586
来源ID	Working Paper 8586
	Biases in the IPO Pricing Process
	Michelle Lowry; G. William Schwert
发表日期	2001-11-01
出版年	2001
语种	英语
摘要	By investigating the entire IPO pricing process, beginning when the offering is filed, the paper contributes to the existing literature along four dimensions. First, price updates during the registration period are predictable based on firm and offer-specific characteristics known at the time the offer is filed. Second, price updates reflect market movements prior to the initial filing date as well as during the registration period. Third, positive and negative information learned during the registration period affect the offer price asymmetrically. Finally, public and private information learned during the registration period have different effects on the offer price. While a number of the biases that we uncover are consistent with one or more theories regarding IPOs, many remain a puzzle.
主题	Financial Economics ; Corporate Finance ; Financial Institutions
URL	https://www.nber.org/papers/w8586
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/566192
推荐引用方式 GB/T 7714	Michelle Lowry,G. William Schwert. Biases in the IPO Pricing Process. 2001.