Does Prospect Theory Explain IPO Market Behaviour?  

Oleh:

Ljungqvist, Alexander ; Wilhelm, William J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 1759-1790.
Topik: ipo; initial public offerings; decision making; investment bankers; studies; regression analysis; volatility
Fulltext: p 1759.pdf (162.61KB)

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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

We derive a behavioural measure of the IPO decision - maker's satisfaction with the underwriter's performance based on Loughran and Ritter (2002) and assess its ability to explain the decision - maker's choice among underwriters in subsequent securities offerings. Controlling for other known factors, IPO firms are less likely to switch underwriters when our behavioral measure indicates they were satisfied with the IPO underwriter's performance. Underwriters also extract higher fees for subsequent transactions involving satisfied decision - makers. Although our tests suggest that the behavioural model has explanatory power, they do not speak directly to whether deviations from expected utility maximization determine patterns in IPO initial returns.

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