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Tekijä:Coakley, J.
Hadass, L.
Wood, A.
Otsikko:UK IPO underpricing and venture capitalists
Lehti:European Journal of Finance
2009 : APR-JUN, VOL. 15:3-4, p. 421-435
Asiasana:venture capital
certification
stock exchanges
United Kingdom
Vapaa asiasana:IPO(initial public offers)underpricing
hypothesis
spinning
bubble years
Kieli:eng
Tiivistelmä: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.
SCIMA tietueen numero: 272469
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