Market Segmentation and IPO-Underpricing: The German Experience

Market Segmentation and IPO-Underpricing: The German Experience
Figure 1: Density Functions for the IPO-Underpricing in Germany 1997-2002 (Panel B)
Official Trading, Regulated Market and Unofficial Regulated Market:
Relative Share
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Neuer Markt:
Relative Share
0.30
0.25
0.20
0.15
0.10
0.05
0.00
-52.50 -42.50 -32.50 -22.50 -12.50 -2.50 7.50 17.50 27.50 37.50 47.50 57.50 67.50 77.50 87.50 97.50 107.50 117.50 127.50
Underpricing in per cent
Mean 38.81
Median 3.11
Std.Dev. 27.69
Skewness 2.03
Kurtosis 4.58
-52.50 -42.50 -32.50 -22.50 -12.50 -2.50 7.50 17.50 27.50 37.50 47.50 57.50 67.50 77.50 87.50 97.50 107.50 117.50 127.50
Underpricing in per cent
Mean 52.35
Median 13.15
Std.Dev. 34.94
Skewness 1.22
Kurtosis 0.49
Adrian Hunger Page 31