Views
3 years ago

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

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

Simpleunderpricing1 day

Simpleunderpricing1 day 1 week 2 weeks 3 weeks 4 weeks 5 weeksMean +23.94% *** +22.89% *** +22.91% *** +22.64% *** +22.46% *** +22.34% ***Median +6.81% +6.70% +4.08% +3.99% +4.33% +3.63%Minimum value -38.75% -38.75% -40.00% -42.86% -40.12% -41.87%Maximum value +532.60% +401.40% +393.4% +447.20% +391.40% +521.80%Skewness 5.47 *** 3.81 *** 3.39 *** 3.96 *** 3.42 *** 4.68 ***Kurtosis 43.53 *** 22.04 *** 16.47 *** 22.75 *** 16.36 *** 32.17 ***TABLE XI - Simple underpricing distribution after one day, one week, two, three, four, five weeks of listing. Sample: all 164 IPOs.*** Statistically different from zero at the 99% level.

Simpleunderpricing1 day 1 week 2 weeks 3 weeks 4 weeks 5 weeksMean -4.60% *** -7.28% *** -9.47% *** -10.88% *** -12.07% *** -13.15% ***Median -3.03% -6.37% -8.91% -8.07% -10.00% -11.24%Minimum value -38.75% -38.75% -40.00% -42.86% -40.12% -41.87%Maximum value +11.47% +7.65% +5.04% +3.08% +0.00% -2.63%Skewness -1.44 *** -1.39 *** -1.12 *** -1.16 *** -0.99 -1.26 **Kurtosis 2.85 *** 2.44 *** 1.48 ** 1.25 * 0.53 1.36 *TABLE XII - Simple underpricing distribution after one day, one week, two, three, four, five weeks of listing. Sample: 55 "cold" IPOs.* Statistically different from zero at the 90% level.** Statistically different from zero at the 95% level.*** Statistically different from zero at the 99% level.

Initial Public Offerings: The mechanics and performance of IPOs (Harriman Finance Essentials)
Read a PDF Sample of Initial Public Offerings - Harriman House
Institutional Allocation in Initial Public Offerings ... - IPO-Underpricing
“LONG-RUN PERFORMANCE OF INITIAL ... - IPO-Underpricing
Do Underwriters Encourage Stock Flipping? A ... - IPO-Underpricing
An Empirical Examination of IPO Underpricing in the - Singapore ...
IPO Underpricing and International Corporate Governance
Why Do (or Did ?) Internet-Stock IPOs Leave So ... - IPO-Underpricing
A market microstructure explanation of IPOs underpricing
Strategic IPO underpricing, information momentum, and lockup ...
Social and Human Capital in the Underpricing of Life Sciences IPOs
Who Knows What When? - The Information ... - IPO-Underpricing
Public information and IPO underpricing - Rady School of ...
Strategic IPO underpricing, information momentum, and lockup ...
Media coverage and IPO underpricing - NUS Business School
Litigation Risk and IPO Underpricing - G. William Schwert
UNDERPRICING AND LONG-RUN PERFORMANCE OF SHARE ...
Executive stock options and IPO underpricing - G. William Schwert
IPO Underpricing, Firm Quality, and Analyst Forecasts
Market Segmentation and IPO-Underpricing: The German Experience
Underpricing and Long-run Operating Performance of Initial Public ...