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  1. Underpricing of initial public offerings in experimental asset markets
    Author: Füllbrunn, Sascha; Neugebauer, Tibor; Nicklisch, Andreas
    Published: [2019]
    Publisher:  [University of Luxembourg, Faculty of Law, Economics and Finance, Luxembourg School of Finance], [Luxembourg]

    The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect market... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect market conditions in the laboratory: a stylized book building approach, a closed book auction, and an open book auction. We report underpricing in each of these IPO mechanisms. Uncertainty about the aftermarket behavior may partly explain IPO excess returns but underpricing persists even in the repeated setting where uncertainty is negligible and despite the equilibrium adjustment dynamics, that we observe in the data. The data reveal a market-wide impact of investors' reluctance to sell in the aftermarket at a price below the offering price. We conclude that a behavioural bias similar to the disposition effect fosters IPO underpricing in our setting

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: LSF research working paper series ; 2019, 9
    Subjects: initial public offerings; underpricing; common value auctions; experimental finance; disposition effect; learning
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Competitive effects of IPOs
    evidence from Chinese listing suspensions
    Author: Packer, Frank; Spiegel, Mark
    Published: September 16, 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 546
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 888 (September 2020)
    Subjects: initial public offerings; China; competition; asset space
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  3. Learning and signalling in the French and German venture capital industries
    Author: Stolpe, Michael
    Published: 2003
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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