IPO Market Cycles : Bubles or Sequential Learning ?  

Oleh:

Schwert, William ; Lowry, Michelle

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 3 (2002), page 1171-1200.
Topik: MARKETS; studies; initial public offerings; correlation analysis; rates of return; securities trading volume
Fulltext: p 1171.pdf (335.93KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Both IPO volume and average initial returns are highly autocorrelated. Further more companies tend to go public following periods of high initial reutrns. However we find that the level of average intial returns at the time of filing contains no information about that company's eventual underpricing. Both the cycles in initial returns and the lead - lag relation between initial returns and IPO volume are predominantly driven by information learned during the registration period. More positive information results in higher initial returns and more companies filing IPOs soon thereafter.

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