Stabilization Activities By Underwriters After Initial Public Offerings  

Oleh:

Aggarwal, Reena

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 3 (2000), page 1075-1104.
Topik: ipo; studies; investment bankers; going public; stock offerings; stabilization; regression analysis
Fulltext: 1075.pdf (276.15KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Prior research has assumed that underwriters post a stabilizing bid in the aftermarket. We find instead that aftermarket activities are less transparent and include stimulating demend through short covering and restricting supply by penalizing the flipping of shares. In more than half of IPOs, a short position of an average 10,75 percent of shares offered is covered in 22 transactions over 16,6 days in the aftermarket, resulting in a loss of 3,61 percent of ounderwriting fees. Underwriters manage price support activities by using a combination for aftermarket short covering, penalty bonds, and the selective use of the overallotment option.

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