The Quiet Period Goes out with a Bang  

Oleh:

BRADLEY, DANIEL J. ; Jordan, Bradford D. ; Ritter, Jay R.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 1 (Feb. 2003), page 1-36.
Topik: The Quiet
Fulltext: p 1.pdf (274.53KB)

Isi artikel

We examine the expiration of the IPO quiet period, which occurs after the 25th calendar day following the offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiated immediately for 76 percent of these firms, almost always with a favorable rating. Initiated firms experience a five-day abnormal return of 4.1 percent versus 0.1 percent for firms with no coverage.The abnormal returns are concentrated in the days just before the quiet period expires. Abnormal returns aremuch larger when coverage is initiated by multiple analysts. It does not matter whether a recommendation comes from the lead underwriter or not.

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