IPO Pricing in the Dot-com Bubble  

Oleh:

Ljungqvist, Alexander ; Wilhelm, William J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 2 (Apr. 2003), page 723-752.
Fulltext: p 723.pdf (234.67KB)

Isi artikel

IPO underpricingr eached astronomical levels during 1999 and 2000.We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by marked changes in pre-IPO ownership structure and insider sellingbe havior over the period, which reduced key decision makers’ incentives to control underpricing. After controlling for these changes, the di¡erence in underpricing between 1999 and 2000 and the precedingth ree years is much reduced. Our results suggest that it was ¢rm characteristics that were unique duringth e ‘‘dot-com bubble’’and that pricing behavior followed from incentives created by these characteristics.

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