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The Underpricing of Insurance IPOs

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  • Qiming Wang
  • James A. Ligon
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    Abstract

    "The previous literature documents that insurance initial public offerings (IPOs) are less underpriced than those of noninsurance firms. This difference is usually attributed to lower information asymmetry for regulated firms. However, we find that once one controls for the file price adjustment insurance IPOs, both stock and mutual, are no less underpriced than other noninsurance offerings suggesting the book-building process resolves any such information asymmetries. We also find that mutual IPOs appear more underpriced than stock insurance IPOs, but this difference is related to the differences in pre-issue managerial ownership." Copyright (c) 2009 Financial Management Association International.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2009.01037.x
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    Bibliographic Info

    Article provided by Financial Management Association International in its journal Financial Management.

    Volume (Year): 38 (2009)
    Issue (Month): 2 (06)
    Pages: 301-322

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    Handle: RePEc:bla:finmgt:v:38:y:2009:i:2:p:301-322

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    Cited by:
    1. Adjasi, Charles K.D. & Osei, Kofi A. & Fiawoyife, Eme U., 2011. "Explaining underpricing of IPOs in frontier markets: Evidence from the Nigeria Stock Exchange," Research in International Business and Finance, Elsevier, vol. 25(3), pages 255-265, September.

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