Monitoring as Motivation for IPO Underpricing  

Oleh:

Arugaslan, Onur ; Cook, Douglas O. ; Kieschnick, Robert

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 5 (Oct. 2004), page 2403-2420.
Topik: ipo; studies; initial public offerings; pricing policies; motivation
Fulltext: p 2403.pdf (101.76KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

Brennan and Frank (1997) and Stoughton and Zechner (1998) provide contrasting arguments for why monitoring considerations create incentives for managers to underprice their firms' IPOs (initial public offerings). Like Smart and Zutter (2003), we examine these arguments using a sample of U.S. IPOs. However, we find evidence that the determinants of initial returns, institutional shareholdings, and post - IPO likelihood of acquisition are not consistent with these arguments. Thus, we conclude that monitoring considerations are no important determinants of IPO underpricing.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali