The Underpricing of Initial Public Offerings

By Dongwei Su. 2003

579 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/7f50d7b719aedc6fb1c91ce3911ef9d3dce5a6c6

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Citations in the corpus

Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets (2003, background): “We know from Hanley (1993) that a partial adjustment phenomenon exists and that the pricing relative to the initial filing price range affects underpricing significantly.”
Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (2012, methodology): “Informative content and Standard content measure the informativeness of the initial prospectus, and the degree to which the prospectus has content related to past filings, respectively, as documented in Hanley and Hoberg (2010). The Fraction secondary shares is the fraction of shares offered which a”
Executive stock options and IPO underpricing (2007, background): “, Logue (1973), Hanley (1993), Loughran and Ritter (2002, 2004), Lowry and Schwert (2004)).”
Do investment banks compete in IPOs?: the advent of the "7% plus contract" (2001, background): “But due to the partial adjustment of the o!er price, underpricing increases (Hanley, 1993).”
Does Prospect Theory Explain IPO Market Behavior (2005, background): “Empirically, offer prices appear only to ‘partially adjust’ (Hanley (1993)) in the sense that large positive revisions from the reference point are associated with large initial price increases from the offer price during the first day of trading.”
Redacting Proprietary Information at the Initial Public Offering (2015, result): “The coefficient for High Underwriter Reputation is significantly positive.10 The percent increase in Price Revision is significantly positive, consistent with Hanley (1993).11 The Industry IPO Wave dummy has a significantly positive coefficient.”
Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, background): “, Helmantel, M., & Sarig, O. (2005). The Timing of Initial Public Offerings.”
What is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings (2002, methodology): “This is the partial price adjustment phenomenon documented by Hanley (1993), in which shares in an offering are rationed and prices adjust only partially to new information.”
Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings (2001, methodology): “In addition, the partial-adjustment effect documented by Hanley (1993) appears primarily a short-term phenomenon, since the FR dummy provides no additional explanatory power over longterm returns.”
Affiliated Mutual Funds and the Allocation of Initial Public Offerings (2007, background): “The strongest predictor of actual underpricing is the premarket price adjustment (see e.g., Hanley, 1993).”
Media Legitimation Effects in the Market for Initial Public Offerings (2003, background): “Pricing above initial expectations is an indicator of pent-up demand for a stock (Hanley, 1994).”
IPO Pricing in “Hot” Market Conditions: Who Leaves Money on the Table? (2005, background): “Hanley (1993) documents a positive relation between IPO pricing with respect to the file range set at the beginning of the book-building process and the level of initial return.”
Venture Capital Reputation, Post-IPO Performance and Corporate Governance (2009, background): “…Price Revision, measured by the percentage increase in final offer price from the midpoint of the high and low prices in the initial filing (see Hanley (1993)); ii) IPO 1st-day return, termed Underpricing (see Welch (1989)); iii) IPO issuer market capitalization, measured by multiplying offer…”
Bookbuilding: How Informative is the Order Book (2003, background): “Issues priced near the top of the range outperform issues at the bottom of the range by about 7%.13 This is the partial adjustment phenomenon documented by Hanley (1993).”