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Initial Public Offerings in the UK, USA and Japan

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Author Info
Jenkinson, Tim

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Abstract

When a firm makes an initial public offering (IPO) of its equity, the accuracy with which its shares are priced will be an important factor determining the cost of "going public". This paper compares the accuracy of IPO pricing in the United States, United Kingdom and Japan over the period 1985-88. It is found that IPOs are systematically priced at a discount relative to their subsequent trading price in each count.

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Publisher Info
Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 427.

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Date of creation: Jul 1990
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Handle: RePEc:cpr:ceprdp:427

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Related research
Keywords: Business Finance; Firm Equity; Initial Public Offerings;

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