The Underwriter Persistence Phenomenon  

Oleh:

Hoberg, Gerard

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 3 (Jun. 2007), page 1169-1206.
Topik: LEAKAGE PHENOMENON; studies; initial public offerings; investment bankers; models
Fulltext: p 1169.pdf (240.96KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

This study presents new evidence that initial IPO returns have persistent underwriter - specific components. These components cannot be explained by existing measures of underwriter quality, underwriter service, or controls for several known predictors of initial IPO returns. Tests that trace the roots of persistence most broadly support theories of asymmetric information among underwriters. I present such a model, and consistent with its predictions, I find that high underpricing underwriters : (1) are responsible for a majority of the partial adjustment phenomenon, (2) make more informed analyst revisions, (3) experience superior market share growth, and (4) are more likely to serve an institutional clientele.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali