haku: @all momentum / yhteensä: 24
viite: 22 / 24
| Tekijä: | Hao, Q.G. |
| Otsikko: | Laddering in initial public offerings |
| Lehti: | Journal of Financial Economics
2007 : JUL, VOL. 85:1, p. 102-122 |
| Asiasana: | initial public offerings models |
| Vapaa asiasana: | underpricing |
| Kieli: | eng |
| Tiivistelmä: | This paper identifies factors creating incentives to engage a type of manipulation and models the effect of laddering (hereafter as: lng.) on initial public offering (IPO) pricing. Lng. is shown to have a bigger effect on the market price of IPOs with greater expected underpricing (here as: u-png.) and greater expected momentum in the aftermarket. Lng. increases the IPO offer price, the aftermarket price, and the money left on the table but does not necessarily increase the percentage u-png. Lng. contributes to long-run underperformance, creating a negative correlation btw. short-run and long-run returns, and profit-sharing increases the extent of lng. and the percentage u-png. |
SCIMA