Risk, Reputation, And IPO Price Support  

Oleh:

Lewellen, Katharina

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 2 (Apr. 2006), page 613-654.
Topik: ipo; initial public offerings; risk; studies; reputation; stock prices; investment bankers
Fulltext: p 613.pdf (260.29KB)

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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

Immediately following an initial public offering, underwriters often repurchase shares of poorly performing offerings in an apparent attempt to stabilize the price. Using proprietary nasdaq data, in study the price effects and determinants of price support. Some of the key findings are : 1. stabilization is substantial, including price rigidity at and below the offer price 2. i find no evidence that stocks with larger infrmation asymmetries are stabilized more strongly 3. larger underwriters stabilize more perhaps to protect their reputations with investors, and 4. investment banks with retail brokerage operations stabilize much more than other banks, inconsistent with the view that stabilization benefits primarily institutional investors.

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