Are IPOs Underpriced

By Amiyatosh Purnanandam, Bhaskaran Swaminathan. 2002

482 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/110657a1b9c9b17bb5258bba0104497d3e9cafbf

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Citations in the corpus

Going Public to Acquire? The Acquisition Motive in IPOs (2010, methodology): “According to the acquisition currency hypothesis, we expect underpricing to be positively related to stock financed acquisitions since IPO underpricing is positively correlated with overvaluation of the stock, as shown by Purnanandam and Swaminathan (2004).”
Investor Demand for Ipos and Aftermarket Performance: Evidence from the Hong Kong Stock Market (2008, unknown): “In a recent study, Purnanandam and Swaminathan (2002) take a look at the”
Investment Banking and Securities Issuance (2003, unknown): “Purnanandam and Swaminathan (2002) examine the pricing of IPOs using comparable firms, and find that on average IPOs have an offer price 50% higher than predicted on the basis of industry peers.”
ESG Disclosure and Idiosyncratic Risk in Initial Public Offerings (2021, result): “Consistent with our findings, previous studies (Ritter, 1984, 1991; Purnanandam & Swaminathan, 2004; Jeon et al., 2015) have also reported industry differences in explaining the initial return and the long-term stock return performance of IPOs.”
The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, background): “Ramnath et al. (2005) examine whether there are inherent differences between two commonly used analyst forecast databases in accounting and finance research, Value Line and I/B/E/S, and find, for example, that forecasts derived from I/B/E/S dominate Value Line analysts' forecasts as proxies for the ”
IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists (2011, background): “36We thank the referee for suggesting predictions 5–7, and also for suggesting that prediction 7 may provide a rational explanation of the Purnanandam and Swaminathan (2004) IPO overvaluation result.”
Hot Markets, Investor Sentiment, and IPO Pricing (2003, unknown): “Purnanandam and Swaminathan (2001) lend support to our prediction that the offer price can exceed fundamental value.”
Firm Value Creation through Major Channel Expansions: Evidence from an Event Study in the United States, Germany, and China (2014, methodology): “We selected firms that operate in the specific firm’s four-digit SIC code industry and that have a similar market capitalization (±20%; Purnanandam and Swaminathan 2004).”