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| Tekijä: | Muscarella, C. J. Vetsuypens, M. R. |
| Otsikko: | The underpricing of "second" initial public offerings. |
| Lehti: | Journal of Financial Research
1989 : AUTUMN, VOL. 12:3, p. 183-192 |
| Asiasana: | NEW ISSUES SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | The underpricing of initial public offerings (IPOs) of equity is a well-documented empirical phenomenon. According to one established explanation this underpricing is caused by the uncertainty investors feel about the value of the issuer. The present paper tests this asymmetric information hypothesis, by examining the underpricin underpricing of IPOs of 74 firms, which were first publicly owned, then privatized and again returned to the public. The results support the hypothesis. |
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