Are Ipos Really Underpriced

By Bhaskaran Swaminathan, Amiyatosh Purnanandam. 2004

123 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/37c8566b58554e9715086f93a475246b1cf92cb4

Citations in the corpus

• Do managers time the market? Evidence from open-market share repurchases (2007, unknown): “Purnanandam and Swaminathan (2004) support this view by documenting that IPO firms have price multiples that are high relative to their industry peers.”
• The Impact of Fundamentals on IPO Valuation (2009, unknown): “Kim and Ritter (1999) and Purnanandam and Swaminathan (2004) focus on relative valuation of IPOs that have a positive pre-IPO income.”
• Do Corporate Venture Capitalists Add Value to Start‐Up Firms? Evidence from IPOs and Acquisitions of VC‐Backed Companies (2010, unknown): “Our results are also robust to a matching procedure similar to that used by Purnanandam and Swaminathan (2004). Specifically, we match each CVC- or TVC-backed IPO to a non VC-backed IPO of similar size, profitability and growth, where growth is proxied by post-issue analyst earnings forecasts.”
• Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals (2009, unknown): “Underwriter rank is the average Carter-Manaster (1990) underwriter ranking score, as updated by Loughran and Ritter (2004).”
• Does Sentiment Drive the Retail Demand for IPOs? (2009, unknown): “purchases by sentiment investors drive both the IPO offer price and the aftermarket price above the stock's fundamental value, and the stock underperforms in the aftermarket as the price reverts back to fundamental value (Purnanandam and Swaminathan (2004)).”