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| Tekijä: | Edwards, A.K. Hanley, K.W. |
| Otsikko: | Short selling in initial public offerings |
| Lehti: | Journal of Financial Economics
2010 : OCT, VOL. 98:1, p. 21-39 |
| Asiasana: | stock markets trading initial public offerings short selling |
| Vapaa asiasana: | underpricing |
| Kieli: | eng |
| Tiivistelmä: | Short-term underpricing that is subsequently reversed is often explained by short selling (herein as: s-sg.) constraints in the aftermarket of initial public offerings (IPOs). It is shown herein that s-sg. is integral to aftermarket trading and is higher in IPOs with greater underpricing. Perceived restrictions on borrowing shares are not systematically avoided through "naked" s-sg. On average, short sellers do not seem to earn abnormal profits in the near term and this study's findings are not driven by market makers. S-sg. in IPOs is not as constrained as suggested by the literature, which implies that underpricing may be due to other factors. |
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