We examine the extent to which offer prices reflect public information for 3,325 IPOs over the period 1990 50% of the variation in IPO underpricing can be predicted using public information known before the offer date and therefore conclude that IPO offer prices underadjust to widely available public information to a much greater extent than previously documented.
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Volume (Year): 37 (2002) Issue (Month): 04 (December) Pages: 595-616 Download reference. The following formats are available: HTML
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