کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5089339 | 1375590 | 2013 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Liquidity and initial public offering underpricing
ترجمه فارسی عنوان
نقدینگی و عرضه اولیه عمومی زیر قیمت
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
Using eight measures of liquidity, and addressing the potential endogeneity of initial returns, we find underpricing generally increases the secondary market liquidity of IPOs over the first year of trading, irrespective of the horizon over which liquidity is measured. For two model specifications over the eight measures, fifteen regressions display signs consistent with higher underpricing increasing liquidity and thirteen of these are statistically significant. We also find higher initial returns are significantly negatively correlated with the probability of informed trade. Furthermore, the liquidity effects of underpricing survive the lockup date, suggesting they are not quickly dissipated.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 37, Issue 12, December 2013, Pages 4973-4988
Journal: Journal of Banking & Finance - Volume 37, Issue 12, December 2013, Pages 4973-4988
نویسندگان
TeWhan Hahn, James A. Ligon, Heather Rhodes,