When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket

By K. Ellis, Roni Michaely, Maureen O’Hara. 2000

516 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/4cba8b72f69ff38b4eeaf2c56b3f14998fe5f8cb

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Citations in the corpus

Media Legitimation Effects in the Market for Initial Public Offerings (2003, background): “Turnover equaled the percentage of shares offered that were traded ([shares traded/ shares offered] 100) on the day of the IPO (Ellis et al., 2000).”
Stocks are Special Too: An Analysis of the Equity Lending Market (2002, methodology): “Lead underwriters attempt to prop up the prices of weak offerings until about a month post-IPO, then they stop (Ellis et al., 2000; Aggarwal, 2000).”
Constructing Deal Networks: Brokers as Network “Architects” in the U.S. IPO Market and Other Examples (2004, background): “Market dependence. Prior research has shown that the number of different financial markets in which a bank participates can be useful in understanding variations in bank behavior ( Eccles & Crane, 1988 ).”
Network Strategies and Performance of Canadian Investment Banks (2006, unknown): “, registration, due diligence or marketing (Pollock et al., 2004; Ellis et al., 2000), and underwriting syndicates are put together well before the date of an offering.”
Do investment banks compete in IPOs?: the advent of the "7% plus contract" (2001, background): “I exclude the "rst 30 days because underperforming o!ers in this period are often stabilized (Aggarwal, 2000; Ellis et al., 2000), which can drive measured volatility towards zero.”
IPO Pricing in “Hot” Market Conditions: Who Leaves Money on the Table? (2005, background): “Aggarwal (2000) and Ellis, Michaely, and O’Hara (2000) provide evidence that underwriters intervene to stabilize the price of IPO stocks that exhibit poor aftermarket performance.”
Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, background): “At the lockup expiration, when insiders first have the opportunity to sell their holdings, Field and Hanka (2001) document a 1.”