An examination of IPO secondary market returns

被引：37

作者：

Bradley, Daniel J. ^{[1
]}

Gonas, John S. ^{[2
]}

Highfield, Michael J. ^{[3
]}

Roskelley, Kenneth D. ^{[3
]}

机构：

[1] Univ S Florida, Tampa, FL 33620 USA

[2] Belmont Univ, Belmont, MA USA

[3] Mississippi State Univ, Mississippi State, MS USA

来源：

JOURNAL OF CORPORATE FINANCE | 2009年 / 15卷 / 03期

关键词：

IPO secondary returns; Underpricing; Partial adjustment; Sentiment investors; Aggregate demand uncertainty; INITIAL PUBLIC OFFERINGS; PRICE STABILIZATION; INVESTOR SENTIMENT; ADVERSE-SELECTION; UNDERWRITER; SPECIFICATION; CERTIFICATION; PERFORMANCE; UNCERTAINTY; INFORMATION;

D O I：

10.1016/j.jcorpfin.2009.01.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

IPO stock prices increased approximately 2.3% on the first day of secondary market trading over the period 1993 through 2003. While these aftermarket returns are accentuated during 1999 and 2000. they persist after the bubble burst and even increase as a percentage of total underpricing. We explore several non-mutually exclusive hypotheses to explain our findings including price support, laddering, retail sentiment, and information asymmetry. Our results are most consistent with the view that higher secondary market returns accrue to IPOs with more information asymmetries possibly due to price and aggregate demand uncertainty. (c) 2009 Elsevier B.V. All rights reserved.

引用

页码：316 / 330

页数：15

共 59 条

[1] Price discovery in initial public offerings and the role of the lead underwriter [J].