کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5103594 1480437 2017 55 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do firms get what they pay for? A second thought on over-allotment option in IPOs
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Do firms get what they pay for? A second thought on over-allotment option in IPOs
چکیده انگلیسی
The over-allotment option usually complements an IPO to meet any excess demand and provides underwriters with an incentive to stabilize stock prices in the aftermarket. This clause represents an additional source of compensation to the investment bank, in exchange of some uncertain positive outcomes to the issuing firm. In this paper we provide evidence of the effects of the over-allotment option on underwriting fees, IPO underpricing, and price stabilization, and we document that, contrary to our expectations, this clause does not reduce the underwriting fees and the IPO underpricing, and it does not increase the aftermarket stabilization.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 63, February 2017, Pages 219-232
نویسندگان
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