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Underwriter price support and the IPO underpricing puzzle

Citations

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Cited by:

  1. Antonio Acconcia & Alfredo Del Monte & Luca Pennacchio & Germana Scepi, 2011. "IPO Underpricing and the Location of Firms," CSEF Working Papers 295, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 04 Feb 2021.
  2. Harper, Joel T. & Johnston, Jarrod & Madura, Jeff, 2004. "Follow-on offerings," Journal of Banking & Finance, Elsevier, vol. 28(1), pages 251-264, January.
  3. Satyendra Kumar Sharma & Ankit Seraphim, 2010. "The Relationship between IPO Underpricing Phenomenon & the Underwriter’s Reputation," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 13(38), pages 181-209, December.
  4. Johan, Sofia A., 2010. "Listing standards as a signal of IPO preparedness and quality," International Review of Law and Economics, Elsevier, vol. 30(2), pages 128-144, June.
  5. Jun-Koo, Kang & Lee, Yul W., 1996. "The pricing of convertible debt offerings," Journal of Financial Economics, Elsevier, vol. 41(2), pages 231-248, June.
  6. Jones, Steven L. & Yeoman, John C., 2014. "Initial uncertainty and the risk of setting a fixed-offer price: Implications for the pricing of bookbuilt and best-efforts IPOs," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 194-215.
  7. Sarra Ben Slama Zouari & Abdelkader Boudriga & Neila Boulila Taktak, 2011. "Determinants Of Ipo Underpricing: Evidence From Tunisia," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 13-32.
  8. Ledgerwood Shaun D. & Carpenter Paul R., 2012. "A Framework for the Analysis of Market Manipulation," Review of Law & Economics, De Gruyter, vol. 8(1), pages 253-295, September.
  9. Nagpurnanand Prabhala & Manju Puri, 1998. "How Does Underwriter Price Support Affect IPOs? Empirical Evidence," Yale School of Management Working Papers ysm91, Yale School of Management, revised 01 Jul 2000.
  10. Małachowski Paweł & Gadowska-dos Santos Dominika, 2021. "What Determines the Success of an IPO? Analysis of IPO Underpricing on the Warsaw Stock Exchange," Central European Economic Journal, Sciendo, vol. 8(55), pages 1-14, January.
  11. Malik Muhammad Shehr Yar & Attiya Yasmin Javid, 2014. "Liquidity Benefits From Underpricing: Evidence from Initial Public Offerings Listed at Karachi Stock Exchange," PIDE-Working Papers 2014:101, Pakistan Institute of Development Economics.
  12. Boehmer, Ekkehart & Fishe, Raymond P. H., 2004. "Underwriter short covering in the IPO aftermarket: a clinical study," Journal of Corporate Finance, Elsevier, vol. 10(4), pages 575-594, September.
  13. Bakke, Einar & Leite, Tore E. & Thorburn, Karin S., 2010. "Public information and IPO underpricing," Discussion Papers 2010/6, Norwegian School of Economics, Department of Business and Management Science.
  14. Ayi Ayayi, 2005. "The 180-day lock-up period and insiders’ equity selling," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(1), pages 32-45, March.
  15. Alvarez, Susana & Arrondo, Rubén, 2010. "The influence of the underwriting syndicate on the valuation of Spanish initial public offerings," Global Finance Journal, Elsevier, vol. 21(3), pages 223-238.
  16. William Dimovski & Robert Brooks, 2006. "Factors Influencing Money Left on the Table by Property Trust IPO Issuers," Journal of Property Research, Taylor & Francis Journals, vol. 23(3), pages 269-280, September.
  17. Chitru S. Fernando & Srinivasan Krishnamurthy & Paul A. Spindt, 2002. "Is the Offer Price in IPOs Informative? Underpricing, Ownership Structure, and Performance," Center for Financial Institutions Working Papers 01-33, Wharton School Center for Financial Institutions, University of Pennsylvania.
  18. William Dimovski, 2010. "The pricing of infrastructure initial public offerings: evidence from Australia," Journal of Property Research, Taylor & Francis Journals, vol. 28(1), pages 3-14, July.
  19. Kian-Guan Lim & Edward Ng, 1999. "A theory of IPO pricing with tender prices," Applied Financial Economics, Taylor & Francis Journals, vol. 9(5), pages 433-442.
  20. Haemin Dennis Park & Pankaj C. Patel, 2015. "How Does Ambiguity Influence IPO Underpricing? The Role of the Signalling Environment," Journal of Management Studies, Wiley Blackwell, vol. 52(6), pages 796-818, September.
  21. Menyah, Kojo & Paudyal, Krishna & Inyangete, Charles G., 1995. "Subscriber return, underpricing, and long-term performance of U.K. privatization initial public offers," Journal of Economics and Business, Elsevier, vol. 47(5), pages 473-495, December.
  22. Bill Francis & Iftekhar Hasan, 2001. "The Underpricing of Venture and Nonventure Capital IPOs: An Empirical Investigation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 19(2), pages 99-113, April.
  23. Reber, Beat & Vencappa, Dev, 2016. "Deliberate premarket underpricing and aftermarket mispricing: New insights on IPO pricing," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 18-33.
  24. Fouad Jamaani & Manal Alidarous, 2019. "Review of Theoretical Explanations of IPO Underpricing," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 6(1), pages 1-18.
  25. Stefano Ugolini, 2010. "Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium," Working Paper 2010/21, Norges Bank.
  26. Gullapalli, Rachita & Knyazeva, Anzhela, 2020. "Foreign issuers in emerging growth company IPOs," Journal of Multinational Financial Management, Elsevier, vol. 54(C).
  27. Sascha Füllbrunn & Tibor Neugebauer & Andreas Nicklisch, 2020. "Underpricing of initial public offerings in experimental asset markets," Experimental Economics, Springer;Economic Science Association, vol. 23(4), pages 1002-1029, December.
  28. Jay Chok & Jifeng Qian, 2013. "Do Executives' Backgrounds Matter to IPO Investors? Evidence from the Life Science Industry," PLOS ONE, Public Library of Science, vol. 8(5), pages 1-13, May.
  29. Amihud, Yakov & Hauser, Shmuel & Kirsh, Amir, 2003. "Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange," Journal of Financial Economics, Elsevier, vol. 68(1), pages 137-158, April.
  30. Lowry, Michelle & Shu, Susan, 2002. "Litigation risk and IPO underpricing," Journal of Financial Economics, Elsevier, vol. 65(3), pages 309-335, September.
  31. Goergen, Marc & Gounopoulos, Dimitrios & Koutroumpis, Panagiotis, 2021. "Do multiple credit ratings reduce money left on the table? Evidence from U.S. IPOs," Journal of Corporate Finance, Elsevier, vol. 67(C).
  32. Haini Deng & Gregor Dorfleitner, 2007. "Underpricing in Chinese IPOs-some recent evidence," Applied Financial Economics, Taylor & Francis Journals, vol. 18(1), pages 9-22.
  33. Kaustia, Markku, 2004. "Market-wide impact of the disposition effect: evidence from IPO trading volume," Journal of Financial Markets, Elsevier, vol. 7(2), pages 207-235, February.
  34. Benveniste, Lawrence M. & Busaba, Walid Y. & Wilhelm Jr., William J., 1996. "Price stabilization as a bonding mechanism in new equity issues," Journal of Financial Economics, Elsevier, vol. 42(2), pages 223-255, October.
  35. Kothari, S. P. & Warner, Jerold B., 1997. "Measuring long-horizon security price performance," Journal of Financial Economics, Elsevier, vol. 43(3), pages 301-339, March.
  36. Fernando, Chitru S. & Krishnamurthy, Srinivasan & Spindt, Paul A., 2004. "Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms," Journal of Financial Markets, Elsevier, vol. 7(4), pages 377-403, October.
  37. Benjamin Golez & José M. Marín, 2010. "Price support in the stock market," Working Papers 2010-16, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
  38. Cheng, Louis T.W. & Chan, Kam C. & Mak, Billy S.C., 2005. "Strategic share allocation and underpricings of IPOs in Hong Kong," International Business Review, Elsevier, vol. 14(1), pages 41-59, February.
  39. Bradley, Daniel J. & Gonas, John S. & Highfield, Michael J. & Roskelley, Kenneth D., 2009. "An examination of IPO secondary market returns," Journal of Corporate Finance, Elsevier, vol. 15(3), pages 316-330, June.
  40. Dimovski, William & Brooks, Robert, 2004. "Do you really want to ask an underwriter how much money you should leave on the table?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(3), pages 267-280, July.
  41. Bessembinder, Hendrik & Jacobsen, Stacey & Maxwell, William & Venkataraman, Kumar, 2022. "Overallocation and secondary market outcomes in corporate bond offerings," Journal of Financial Economics, Elsevier, vol. 146(2), pages 444-474.
  42. Klova, Valeriia, 2017. "IPO underpricing: What about the shipping sector?," Journal of Multinational Financial Management, Elsevier, vol. 42, pages 95-115.
  43. Dimovski, William & Brooks, Robert, 2008. "The underpricing of gold mining initial public offerings," Research in International Business and Finance, Elsevier, vol. 22(1), pages 1-16, January.
  44. Deng, Qi & Zhou, Zhong-guo, 2016. "Overreaction in ChiNext IPOs' initial returns: How much and what caused it?," Emerging Markets Review, Elsevier, vol. 29(C), pages 82-103.
  45. Robert Brooks & Tim Fry & William Dimovski & Sandra Mihajilo, 2009. "A duration analysis of the time from prospectus to listing for Australian initial public offerings," Applied Financial Economics, Taylor & Francis Journals, vol. 19(3), pages 183-190.
  46. Stuart M. Locke & Kartick Gupta, 2007. "The performance of entrepreneurial companies post-listing on the New Zealand Stock Exchange," Venture Capital, Taylor & Francis Journals, vol. 10(1), pages 87-110, May.
  47. Butler, Alexander W. & Keefe, Michael O'Connor & Kieschnick, Robert, 2014. "Robust determinants of IPO underpricing and their implications for IPO research," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 367-383.
  48. James, Kieran E. & How, Janice C. Y. & Izan, H. Y., 1995. "An analysis of the pricing processes of Australian unit trust IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 3(2-3), pages 285-301, July.
  49. Griffin, John M. & Harris, Jeffrey H. & Topaloglu, Selim, 2007. "Why are IPO investors net buyers through lead underwriters?," Journal of Financial Economics, Elsevier, vol. 85(2), pages 518-551, August.
  50. Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004. "The Existence and Effectiveness of Price Support Activities in Germany: A Note," Discussion Papers 30, University of Bamberg, Chair of Finance.
  51. Nanda, Vikram & Yun, Youngkeol, 1997. "Reputation and Financial Intermediation: An Empirical Investigation of the Impact of IPO Mispricing on Underwriter Market Value," Journal of Financial Intermediation, Elsevier, vol. 6(1), pages 39-63, January.
  52. Nesrine Bouzouita & Jean-François Gajewski & Carole Gresse, 2015. "Liquidity Benefits from IPO Underpricing: Ownership Dispersion or Information Effect," Financial Management, Financial Management Association International, vol. 44(4), pages 785-810, October.
  53. repec:mth:ijafr8:v:9:y:2019:i:1:p:197-208 is not listed on IDEAS
  54. Florian Nagler & Giorgio Ottonello, 2017. "Structural Changes in Corporate Bond Underpricing," BAFFI CAREFIN Working Papers 1748, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  55. Khelifa Mazouz & Sam Agyei-Ampomah & Brahim Saadouni & Shuxing Yin, 2013. "Stabilization and the aftermarket prices of initial public offerings," Review of Quantitative Finance and Accounting, Springer, vol. 41(3), pages 417-439, October.
  56. Wolfgang Bessler & Stefan Thies, 2006. "Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in Germany," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 1-37, Fall.
  57. Charlie Charoenwong & David K. Ding & Tiong Yang Thong, 2016. "Decimalization, IPO aftermath, and liquidity," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1303-1344, November.
  58. Benoît F. Leleux & Daniel F. Muzyka, 1997. "European IPO Markets: The Post-Issue Performance Imperative," Entrepreneurship Theory and Practice, , vol. 21(4), pages 111-118, July.
  59. Wang, Luxia & Chong, Terence Tai Leung & He, Yiyao & Liu, Yuchen, 2018. "The Underpricing of Venture Capital Backed IPOs in China," MPRA Paper 92079, University Library of Munich, Germany.
  60. William Dimovski & Simmala Philavanh & Robert Brooks, 2011. "Underwriter reputation and underpricing: evidence from the Australian IPO market," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 409-426, November.
  61. Richard Chung & Lawrence Kryzanowski & Ian Rakita, 2000. "The Relationship Between Overallotment Options, Underwriting Fees and Price Stabilization For Canadian IPOs," Multinational Finance Journal, Multinational Finance Journal, vol. 4(1-2), pages 5-34, March-Jun.
  62. Jos Van Bommel & Jay Dahya & Zhihong Shi, 2010. "An empirical investigation of the speed of information aggregation: a study of IPOs," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 2(1), pages 47-79.
  63. Stavros Thomadakis & Dimitrios Gounopoulos & Christos Nounis & Andreas Merikas, 2016. "Collateral Regulation and IPO†Specific Liberalisation: the Case of Price Limits in the Athens Stock Exchange," European Financial Management, European Financial Management Association, vol. 22(2), pages 276-312, March.
  64. Chang, Eddy & Chen, Chao & Chi, Jing & Young, Martin, 2008. "IPO underpricing in China: New evidence from the primary and secondary markets," Emerging Markets Review, Elsevier, vol. 9(1), pages 1-16, March.
  65. Boudriga, Abdelkader & Ben Slama, Sarra & Boulila, Neila, 2009. "What determines IPO underpricing ? Evidence from a frontier market," MPRA Paper 18069, University Library of Munich, Germany.
  66. Golez, Benjamin & Marin, Jose M., 2015. "Price support by bank-affiliated mutual funds," Journal of Financial Economics, Elsevier, vol. 115(3), pages 614-638.
  67. Schlag, Christian & Wodrich, Anja, 2000. "Has there always been underpricing and long-run underperformance? IPOs in Germany before World War I," CFS Working Paper Series 2000/12, Center for Financial Studies (CFS).
  68. Md Hamid Uddin & Mahendra Raj, 2012. "Aftermarket Risk And Underpricing Of Initial Public Offers In The Arabian Gulf Countries: An Empirical Analysis," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 6(3), pages 123-138.
  69. Nibu Raj Abraham, 2015. "Underpricing in the Malaysian IPO Market During 2009-2014," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(4), pages 194-200, November.
  70. Harris, Oneil, 2018. "The impact of industrial districts on the pricing of IPOs," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 274-285.
  71. Lam, Swee-Sum & Yap, Winnie, 1998. "Pricing System and the Initial Public Offerings Market: A Case of Singapore," International Review of Economics & Finance, Elsevier, vol. 7(3), pages 297-313.
  72. Priyanka Singh & Brajesh Kumar, 2012. "Short Run and Long Run Dynamics of Initial Public Offerings: Evidence from India," Jindal Journal of Business Research, , vol. 1(1), pages 87-113, June.
  73. Cristián Celis & Gustavo Maturana, 1998. "Initial Public Offerings In Chile," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 1(1), pages 7-31.
  74. Ljungqvist, Alexander P., 1997. "Pricing initial public offerings: Further evidence from Germany," European Economic Review, Elsevier, vol. 41(7), pages 1309-1320, July.
  75. Josef Schuster, 2003. "The Cross-Section of European IPO Returns," FMG Discussion Papers dp460, Financial Markets Group.
  76. Hauser, Shmuel & Yaari, Uzi & Tanchuma, Yael & Baker, Harold, 2006. "Initial Public Offering Discount and Competition," Journal of Law and Economics, University of Chicago Press, vol. 49(1), pages 331-351, April.
  77. Katharina, Lewellen, 2004. "Risk, Reputation, and the Price Support of IPOs," Working papers 4453-03, Massachusetts Institute of Technology (MIT), Sloan School of Management.
  78. Schuster, Josef Anton, 2003. "The cross-section of European IPO returns," LSE Research Online Documents on Economics 24859, London School of Economics and Political Science, LSE Library.
  79. Trauten, Andreas, 2004. "Zur Effizienz von Wertpapieremissionen über Internetplattformen," Working Papers 8, University of Münster, Competence Center Internet Economy and Hybrid Systems, European Research Center for Information Systems (ERCIS).
  80. Hanley, Kathleen Weiss & Wilhelm Jr., William J., 1995. "Evidence on the strategic allocation of initial public offerings," Journal of Financial Economics, Elsevier, vol. 37(2), pages 239-257, February.
  81. Marie-Claude Beaulieu & Habiba Mrissa Bouden, 2015. "Firm-specific risk and IPO market cycles," Applied Economics, Taylor & Francis Journals, vol. 47(50), pages 5354-5377, October.
  82. Ben Sopranzetti & Emilio Venezian & Xiaoli Wang, 2006. "The Market for New Issues: Impact of Offering Price on Price Support and Underpricing," Review of Quantitative Finance and Accounting, Springer, vol. 26(2), pages 165-176, March.
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