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Do Underwriters Compete in IPO Pricing?
In: Management Science 64 (2), 925-954
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IPO Pricing- Book Building and Efficient Pricing Methodology
In: Research Link, Vol. 7(32), Sept 2006, ISSN-0973-1628, (pp.128-129)
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Industry-Average Earnings Management and IPO Pricing
In: Review of Pacific Basin Financial Markets and Policies, Band 22, Heft 4, S. 1950023
ISSN: 1793-6705
We examine the effects of signed industry-average earnings management on the pricing of initial public offerings (IPOs). We posit that the variation in an IPOs earnings management is related to industry-average earnings management and, therefore, provides useful information regarding the IPO valuation. We find that higher industry-average earnings management negatively affects the pre-issuance price update and the initial return of IPOs. Our findings lend support to the partial adjustment phenomenon of IPO pricing which suggests information that influences valuation is partially incorporated in the initial offer price and more fully incorporated in the share price during the first-day of secondary market trading.
Hot Markets, Investor Sentiment, and IPO Pricing*
In: The journal of business, Band 79, Heft 4, S. 1667-1702
ISSN: 1537-5374
IPO Pricing Efficiency in China: A ChiNext Board Focus
In: Front. Econ. China 2017, 12(2): 280–308
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Transparency in IPO Mechanism: Retail investors' participation, IPO pricing and Returns
In: Journal of Banking and Finance, Band 36, Heft 7
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Political power, local policy uncertainty and IPO pricing
Greater partisan alignment among lawmakers enhances their ability to respond rapidly to adverse shocks, but it also undermines the quality of checks and balances and encourages excessive governmental intervention in local areas aligned with the ruling party. We investigate how this form of local policy risk affects IPO underpricing. One standard-deviation increase in political alignment between local politicians and the federal government translates into an extra $1.58 million being left on the table, which corresponds to 5.39% of the average valuation discount. This effect is concentrated in firms that are vulnerable to legislative interventions and has important long-term implications. Our robustness analysis also shows that our baseline results are not sensitive to the inclusion/exclusion of influential states and years with high IPO activity.
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Political power, local policy uncertainty and IPO pricing
Greater partisan alignment among lawmakers enhances their ability to respond rapidly to adverse shocks, but it also undermines the quality of checks and balances and encourages excessive governmental intervention in local areas aligned with the ruling party. We investigate how this form of local policy risk affects IPO underpricing. One standard-deviation increase in political alignment between local politicians and the federal government translates into an extra $1.58 million being left on the table, which corresponds to 5.39% of the average valuation discount. This effect is concentrated in firms that are vulnerable to legislative interventions and has important long-term implications. Our robustness analysis also shows that our baseline results are not sensitive to the inclusion/exclusion of influential states and years with high IPO activity.
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Evidence on Anchoring to Industry Multiples in IPO Pricing
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Working paper
Principal-Principal Conflicts and IPO Pricing in an Emerging Economy
In: Corporate governance: an international review, Band 19, Heft 6, S. 585-600
ISSN: 1467-8683
Political Power Local Policy Uncertainty and IPO Pricing
In: Journal of Corporate Finance, Forthcoming
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Working paper
A model for IPO pricing and contract choice decision
In: The quarterly review of economics and finance, Band 41, Heft 3, S. 347-364
ISSN: 1062-9769