search query: @author Aggarwal, R. / total: 40
reference: 2 / 40
| Author: | Aggarwal, R. |
| Title: | Allocation of initial public offerings and flipping activity |
| Journal: | Journal of Financial Economics
2003 : APR, VOL. 68:1, p. 111-135 |
| Index terms: | Initial public offerings Trading volumes Allocation |
| Freeterms: | Penalty bids |
| Language: | eng |
| Abstract: | There is a general perception that the large trading volume in initial public offerings is mostly due to "flippers" that are allocated shares in the offerings and immediately resell them. On average, however, flipping accounts for only 19 % of trading volume and 15 % of shares offered during first two days of trading. Institutions do more flipping than retail customers and hot IPOs are flipped much more than cold IPOs. Explicit penalty bids are rarely assessed against flippers. |
SCIMA