IPO Market Cycles: Bubbles or Sequential Learning?

By Michelle René Lowry, G. Schwert. 2002

702 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/03b869b5db57281b06b68a7dc7083c3013c5685e

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Citations in the corpus

Founders, Private Equity Investors, and Underpricing in Entrepreneurial IPOs (2009, background): “Researchers commonly focus on a 1-day window (trading at the end of day 1) when evaluating underpricing (Loughran & Ritter, 2004; Lowry & Schwert, 2002).”
Grandstanding, certification and the underpricing of venture capital backed IPOs (2004, unknown): “Ritter, 1984; and more recently, Lowry and Schwert, 2002 ).”
Cycles in the IPO market (2008, background): “The connections between demand for capital and IPO volume, and between underpricing and IPO volume, are of course already widely documented; see for example Jenkinson and Ljungqvist (2001), Lowry and Schwert (2002), Lowry (2003), and Pastor and Veronesi (2005).”
An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics (2003, background): “Finally, the statistics in Panel D indicate that analysts are more likely to initiate or resume coverage with a strong buy or a buy recommendation (see McNichols and O’Brien (1997), Barber et al.”
Local Underwriter Oligopolies and IPO Underpricing (2011, result): “The coefficient on the lagged industry volume is statistically insignificant, consistent with the finding in Lowry and Schwert (2002) that past IPO volume is not related to future IPO underpricing.”
Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (2012, methodology): “This variable controls for the partial adjustment phenomenon documented in Hanley (1993) and first used in Lowry and Schwert (2002).”
The Variability of IPO Initial Returns (2010, background): “Ibbotson and Jaffe (1975), Ibbotson, Sindelar, and Ritter (1988, 1994), Lowry (2003), and Lowry and Schwert (2002, 2004) have noted this ‘hot 9 IPO Volatility issues’ phenomenon in the number of new issues per month and also in the average initial return per month, but the strong and similar…”
Discounting and underpricing in seasoned equity offers (2003, background): “One concern with the evidence is that there may be cycles in the seasoned offer primary market, like the cycles in the unseasoned offer market (Lowry and Schwert, 2002), that may induce correlation among regression errors of offers close in time.”
Corporate Fraud and Business Conditions: Evidence from IPOs (2010, methodology): “Our paper is related to the IPO literature that studies “hot” and “cold” IPO markets (e.g., Loughran and Ritter 2002, Lowry and Schwert 2002, Ljungqvist and Wilhelm 2003, Lowry 2003, Pastor and Veronesi 2005, and Cornelli, Goldreich, and Ljungqvist 2006).”
Pricing of Seasoned Equity Offers and Earnings Management (2005, background): “In addition, other studies present evidence that when the overall stock market rallies during the road show period, underwriters do not fully adjust their pricing (Bradley and Jordan (2002), Loughran and Ritter (2002), and Lowry and Schwert (2002)).”
IPO Market Timing (2005, background): “As discussed in the introduction, Lowry and Schwert (2002) and Benveniste, Ljungqvist, Wilhelm, and Yu (2003) find that firms attempt to time IPO market conditions.”
Executive stock options and IPO underpricing (2007, background): “In addition, over the 1985–1997 period Lowry and Schwert (2002) find that initial returns prior to the filing have no explanatory power for a firm’s eventual underpricing.”
Anomalies and Market Efficiency (2002, unknown): “According to Lowry and Schwert (2002), these cycles are explained by two important factors.”