| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12295 |
| 来源ID | Working Paper 12295 |
| The Variability of IPO Initial Returns | |
| Michelle Lowry; Micah S. Officer; G. William Schwert | |
| 发表日期 | 2006-06-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during "hot" IPO markets. Consistent with IPO theory, the volatility of initial returns is higher among firms whose value is more difficult to estimate, i.e., among firms with higher information asymmetry. Our findings highlight underwriters' difficulty in valuing companies characterized by high uncertainty, and, as a result, raise serious questions about the efficacy of the traditional firm commitment underwritten IPO process. One implication of our results is that alternate mechanisms, such as auctions, may be beneficial, particularly for firms that value price discovery over the auxiliary services provided by underwriters. |
| 主题 | Financial Economics ; Corporate Finance ; Financial Institutions ; Financial Markets |
| URL | https://www.nber.org/papers/w12295 |
| 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/569949 |
| 推荐引用方式 GB/T 7714 | Michelle Lowry,Micah S. Officer,G. William Schwert. The Variability of IPO Initial Returns. 2006. |
| 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 | ||
| w12295.pdf（1703KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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