IPO underpricing and after-market liquidity

By Andrew Ellul, M. Pagano. 2006

338 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/3397fcbee9abf65197afc11213da4f8dd2003c20

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Citations in the corpus

Does PIN affect equity prices around the world (2014, positive): “Second, using Fama-MacBeth’s (1973) approach, we find that PINEHO exhibits no significant positive relationship with future realized stock returns.”
Financing technology-based small firms in Europe: what do we know? (2012, background): “Lower under-pricing may also be observed if venture backing is expected to enhance the liquidity of trading after the IPO (Ellul and Pagano 2006).”
Earnings Quality and International IPO Underpricing (2011, neutral): “However, Fan finds no evidence of a negative relation between IPO earnings management and subsequent stock returns. She concludes that market participants are not fooled by the earnings management activities of IPO firms and challenges the notion that IPO earnings management is opportunistic behavio”
Privatization and Stock Market Liquidity (2007, positive): “A deeper secondary market allows companies to raise capital at a lower price (Ellul and Pagano, 2004) by reducing investors’ required return (Amihud and Mendelson, 1986).”
Shareholder Diversification and the Decision to Go Public (2008, neutral): “... (1990), Hughes and Thakor (1992), Welch (1992), Chemmanur (1993), Chemmanur and Fulghieri (1994, 1999), Zingales (1995), Booth and Chua (1996), Black and Gilson (1998), Pagano, Panetta and Zingales (1998), Stoughton and Zechner (1998), Krigman, Shaw and Womack (1999), Ellis, Michaely and O’Hara ”
Liquidity and Asset Returns Under Asymmetric Information and Imperfect Competition (2011, background): “The perfect-market benchmark version of our model borrows from Lo, Mamaysky and Wang (2004) and Huang and Wang (2009, 2010). As in these papers, agents receive endowments correlated with the payoff of a risky asset, and the expected return compensates them for the risk that their exposure to that as”