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| Author: | NcGuinness, P. |
| Title: | Investor- and issue-related perspectives of IPO underpricing |
| Journal: | Omega
1993 : MAY, VOL. 21, p. 377-392 |
| Index terms: | INITIAL PUBLIC OFFERINGS HONG KONG MEASUREMENT |
| Language: | eng |
| Abstract: | In this study, refined measurement forms for the underpricing levels in initial public offerings (IPOs) of common stock are applied to a sample of issues in Hong Kong. This application allows real levels of underpricing, confronting the investors and issues to IPOs, to be discerned. This exercise is beneficial given reliance, in the existing literature, on the simplistic initial return (IR) measure of underpricing defined as the first market price in IPO shares less the offering price all divided by the offering price. |
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