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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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    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. SME exchanges in India
    empirical analysis of firm attributes and IPO characteristics
    Author: Ganguly, Shromona
    Published: August 2022
    Publisher:  Reserve Bank of India, Department of Economic and Policy Research, [Mumbai]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: RBI working paper series ; WPS (DEPR) 2022, 11
    Subjects: Small and medium enterprises; initial public offering; underpricing; institutional investors
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  3. Who knows what when?
    the information content of pre-IPO market prices
    Author: Löffler, Gunter; Panther, Patrick F.; Theissen, Erik
    Published: 2002
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    DDC Categories: 330; 380; 650; 670
    Edition: Version March/June 2002
    Series: Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 91
    Subjects: Emissionskurs; Going Public; Wertpapierhandel; Asymmetrische Information; Schätzung; Deutschland; Emissionskurs; Börsenzulassung; Going Public; Wertpapieremission; Wertpapierhandel; Wertpapiermarkt; Asymmetrische Information; Schätzung
    Other subjects: (stw)Emissionskurs; (stw)Börsengang; (stw)Wertpapierhandel; (stw)Asymmetrische Information; (stw)Schätzung; (stw)Deutschland; Initial public offerings; underpricing; when-issued trading; asymmetric information; winner’s curse; information production; winnerś curse; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  4. Who knows what when? - the information content of pre-IPO market prices
    Author: Löffler, Gunter; Panther, Patrick F.; Theissen, Erik
    Published: 2004
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
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    Edition: Version Mai 2004
    Series: Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 91
    Subjects: Emissionskurs; Going Public; Wertpapierhandel; Asymmetrische Information; Schätzung; Deutschland; Emissionskurs; Börsenzulassung; Going Public; Wertpapieremission; Wertpapierhandel; Wertpapiermarkt; Asymmetrische Information; Schätzung
    Other subjects: (stw)Emissionskurs; (stw)Börsengang; (stw)Wertpapierhandel; (stw)Asymmetrische Information; (stw)Schätzung; (stw)Deutschland; Initial public offerings; underpricing; when-issued trading; asymmetric information; winner’s curse; information production; winnerś curse; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  5. 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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  6. Signaling by underpricing the initial public offerings of primary listings in an emerging market
    Author: Čornanič, Aleš; Novák, Jiri
    Published: 2013
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University of Prague, Prague

    The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical... more

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    The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak, Francis et al. (2010) show that foreign firms from segmented (rather than integrated) markets strategically underprice their IPO in U.S. markets to distinguish themselves from the weaker players. Hence, the attractiveness of the signaling strategy seems to be related to the a priori level of information asymmetry. We examine the use of signaling in an emerging market where the information asymmetry is likely to be higher relative to an established market. Using a sample of 158 Polish IPOs from 2005 - 2009, we show that firms that underprice their IPOs are more likely (i) to issue seasoned equity, (ii) to issue a larger portion of equity at the SEO, and (iii) to make the SEO sooner after the IPO, all of which are consistent with the signaling hypothesis. This evidence suggests that the results of Francis et al. (2010) are not limited to IPOs made by foreign firms in an established market, but they can be extended to primary listings by domestic firms in markets where the information asymmetry is sufficiently large for the benefit of the signal to outweigh its cost.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/83441
    Series: IES working paper ; 07/2013
    Subjects: initial public offering; seasoned equity offering; underpricing; signaling; emerging market; Poland
    Scope: Online-Ressource (51 S.)
  7. Dotcom extreme underpricing
    Author: Carvalho, Antonio Gledson de; Pinheiro, Roberto B.; Sampaio, Joelson Oliveira
    Published: [2017]
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Volltext (kostenfrei)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 17, 14 (July 2017)
    Subjects: Internet bubble; underpricing; spinning; analyst lust; risk composition hypothesis
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
    Notes:

    "This paper is one of 2 originally posted as WP 16-33 in December 2016 and titled “The Dotcom Bubble and Underpricing: Conjectures and Evidence.” The original paper (WP 16-33) was split into 2 articles: WP 17-13 and this one (WP 17-14)." - Seite 1
  8. Dotcom price spiral
    Author: Carvalho, Antonio Gledson de; Pinheiro, Roberto B.; Sampaio, Joelson Oliveira
    Published: [2017]
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 17, 13 (July 2017)
    Subjects: Internet bubble; underpricing; spinning; analyst lust; risk composition hypothesis
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
    Notes:

    "This paper is one of 2 originally posted as WP 16-33 in December 2016 and titled “The Dotcom Bubble and Underpricing: Conjectures and Evidence.” The original paper (WP 16-33) was split into 2 articles: this one (WP 17-13) and WP 17-14 (Dotcom Extreme Underpricing)."
  9. Do underpriced firms innovate less?
    Author: Parise, Gianpaolo
    Published: 2014
    Publisher:  Swiss Finance Inst., Genève

    This paper documents that underpriced firms substitute R&D spending with share buybacks to the detriment of innovation. To identify underpriced firms, I introduce a novel measure of non-fundamental price pressure induced by indirect exposure to... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper documents that underpriced firms substitute R&D spending with share buybacks to the detriment of innovation. To identify underpriced firms, I introduce a novel measure of non-fundamental price pressure induced by indirect exposure to industry-level shocks. This measure addresses potential shortcomings of common proxies of underpricing based on flow-induced fire sales. The documented negative impact on R&D is stronger for financially constrained firms that are held by impatient investors, and for high-disagreement stocks. The results are consistent with a model in which managers under-invest in innovation to boost short-term profits, as the market is inefficiently slow in valuing research

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Research paper series / Swiss Finance Institute ; 14,12
    Swiss Finance Institute Research Paper ; No. 14-12
    Subjects: innovation; research; underpricing; share repurchases; mutual funds; firm policies; impatience
    Scope: Online-Ressource (43 S.), graph. Darst.
  10. The dotcom bubble and underpricing
    conjectures and evidence
    Author: Carvalho, Antonio Gledson de; Pinheiro, Roberto B.; Sampaio, Joelson Oliveira
    Published: December 2016
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 16, 33
    Subjects: Internet bubble; underpricing; spinning; analyst lust; risk composition hypothesis
    Scope: 1 Online-Ressource (circa 35 Seiten)
    Notes:

    "This paper "The Dotcom Bubble and Underpricing: Conjectures and Evidence" (originally posted as WP 16-33 in December 2016) was split into 2 (new) articles: WP 17-13 ("Dotcom price spiral") and WP 17-14 ("Dotcom extreme underpricing")