کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7362309 1478914 2017 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Partial adjustment to public information in the pricing of IPOs
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری استراتژی و مدیریت استراتژیک
پیش نمایش صفحه اول مقاله
Partial adjustment to public information in the pricing of IPOs
چکیده انگلیسی
Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a rational explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt (1989)'s information-based framework. A novel result of our model is that the compensation required by investors to truthfully reveal their information decreases with the public signal. This “incentive effect” receives strong empirical support in a sample of 6300 IPOs in 1983-2012. Controlling for the incentive effect, the positive relation between initial returns and pre-issue market returns disappears for top-tier underwriters, where the order book is held to be most informative, effectively resolving the predictability puzzle.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Intermediation - Volume 32, October 2017, Pages 60-75
نویسندگان
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