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| Tekijä: | Lowry, M. |
| Otsikko: | Why does IPO volume fluctuate so much? |
| Lehti: | Journal of Financial Economics
2003 : JAN, VOL. 67:1, p. 3-40 |
| Asiasana: | Initial public offerings Capital investment Asymmetric information |
| Kieli: | eng |
| Tiivistelmä: | The author compares the extent to which the aggregate capital demands of private firms, the adverse-selection costs of issuing equity, and the level of investor optimism can explain these fluctuations. Empirical tests include both aggregate and industry-level time-series regressions using proxies for the above factors and an analysis of the relation between post-IPO stock returns and IPO volume. |
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