The Development of Secondary Market Liquidity for NYSE-Listed IPOs  

Oleh:

Corwin, Shane A. ; Harris, Jeffrey H. ; Lipson, Marc L.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 5 (Oct. 2004), page 2339-2374.
Topik: MARKETS; studies; initial public offerings; liquidity; securities trading volume; secondary markets
Fulltext: p 2339.pdf (321.85KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

For NYSE - listed IPOs, limit order submissions and depth relative to volume are unusually low on the first trading day. Initial buy - side liquidity is higher for IPOs with high - quality underwriters, large syndicates, low insider sales, and high premarket demand, while sell - side liquidity is higher for IPOs that represent a large fraction of outstanding shares and have low premarket demand. Our results suggest that uncertainty and offer design affect initial liquidity, though order flow stabilizes quickly. We also find that submission strategies are influenced by expected underwriter stabilization and preopening order flow contains information about both initial prices and subsequent returns.

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