3 years ago

What Drives the Initial Market Performance of ... - IPO-Underpricing

What Drives the Initial Market Performance of ... - IPO-Underpricing

Placing strategyAuction

Placing strategyAuction Fixed Price Price-range withbook-building aIPOs (No.) 3 79 82 (81)Mean adjusted underpricing (%) 6.44% 28.33% 14.50% (8.12%)t-test on the difference 1.637 (3.724 ***)Money left on the table1.228 22.757 23.373 (19.151)(mean inflation adjusted amount - million €)t-test on the difference -0.064 (0.414)TABLE VI – The relationship among underpricing, "money left on the table" and placing strategies. Sample:164 IPOs on the Italian Stock Exchange between January 1985 and August 2000.a Statistics in parentheses exclude Finmatica IPO.*** The difference is statistically different from zero at the 99% level.

Kind of revision IPOs (No.)Mean adjusted underpricing(%)Money left on the table(mean inflation adjusted amount – million €)The offer price is equal to the maximum price 21 42.04% *** 59.589The offer price is comprised between the maximumprice and the midpoint price27 11.47% ** 26.324The offer price is lower than the midpoint price 34 -0.10% -1.338All IPOs with book building 82 14.50% ** 23.373TABLE VII – The relationship among underpricing, "money left on the table" and the revisions from the prospectus price range.Sample: 82 IPOs with price-range preceded by book-building.*** Statistically different from zero at the 99% level.** Statistically different from zero at the 95% level.

Initial Public Offerings: The mechanics and performance of IPOs (Harriman Finance Essentials)
2008 IPO Report - Initial Public Offerings
Read a PDF Sample of Initial Public Offerings - Harriman House
Segment Marketing: What Drives Student Value? - AACRAO
FINAL Share Market Survey Doc - The University of Auckland Library
Institutional Allocation in Initial Public Offerings ... - IPO-Underpricing
Do Underwriters Encourage Stock Flipping? A ... - IPO-Underpricing
IPO Underpricing and International Corporate Governance
An Empirical Examination of IPO Underpricing in the - Singapore ...
A market microstructure explanation of IPOs underpricing
Why Do (or Did ?) Internet-Stock IPOs Leave So ... - IPO-Underpricing
Social and Human Capital in the Underpricing of Life Sciences IPOs
Who Knows What When? - The Information ... - IPO-Underpricing
Litigation Risk and IPO Underpricing - G. William Schwert
Public information and IPO underpricing - Rady School of ...
Strategic IPO underpricing, information momentum, and lockup ...
Media coverage and IPO underpricing - NUS Business School
Market Segmentation and IPO-Underpricing: The German Experience
Executive stock options and IPO underpricing - G. William Schwert
Underpricing and Long-run Operating Performance of Initial Public ...
IPO Underpricing, Firm Quality, and Analyst Forecasts