search query: @freeterm hypothesis / total: 5
reference: 4 / 5
| Author: | Coakley, J. Hadass, L. Wood, A. |
| Title: | UK IPO underpricing and venture capitalists |
| Journal: | European Journal of Finance
2009 : APR-JUN, VOL. 15:3-4, p. 421-435 |
| Index terms: | venture capital certification stock exchanges United Kingdom |
| Freeterms: | IPO(initial public offers)underpricing hypothesis spinning bubble years |
| Language: | eng |
| Abstract: | Based on the nature and causes of short-run underpricing for a unique sample of 591 Initial Public Offers (IPOs) issued on the London Stock Exchange for the period 1985-2003. The paper analyzes and suggests that significant differences between the 1998-2000 bubble years and the rest of the sample. Venture capitalists and reputable underwriters played a certification role in the latter period but not during the bubble years. The combination of venture capitalists and prestigious underwriters was increasingly associated with the highest underpricing witnessed during 1998-2000, which provides indirect support for the spinning hypothesis. |
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