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A note on the pricing of IPOs

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Author Info

  • Lundtofte, Frederik

Abstract

This paper studies the pricing of IPOs in a tractable model in which an investment bank faces some investors with superior information. We show how this can lead to underpricing and we make a number of empirical predictions.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4XJWD00-1/2/532d04abd6de07a60b14586ab5a2d3b7
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 106 (2010)
Issue (Month): 2 (February)
Pages: 105-107

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Handle: RePEc:eee:ecolet:v:106:y:2010:i:2:p:105-107

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: IPO underpricing Monopoly pricing Fixed-price auction Risk aversion;

References

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  1. Laffont, Jean-Jacques & Maskin, Eric, 1987. "Monopoly with asymmetric information about quality : Behavior and regulation," European Economic Review, Elsevier, vol. 31(1-2), pages 483-489.
  2. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
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