Why Has IPO Underpricing Changed Over Time

By Tim Loughran, Jay R. Ritter. 2002

2,151 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/cc0c611f20ef92dfa581f314753278d22c20aa0b

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Citations in the corpus

Local Underwriter Oligopolies and IPO Underpricing (2011, positive): “…Jay Ritter’s web site 7.5% 12.1% Tech dummy Equals one (zero otherwise) if the firm is in the technology or Internet business (defined in Appendix D of Loughran and Ritter (2004)) Thomson Financial’s SDC with corrections 36.5% 41.7% Age Calendar year of offering minus the calendar year of…”
Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings (2012, methodology): “Tech dummy: Dummy variable equal to one if a firm resides in a technology industry as identified in Loughran and Ritter (2004).”
Do Today's Trades Affect Tomorrow's IPO Allocations? (2007, background): “The profit-sharing view, exposited by Loughran and Ritter (2002, 2004) and Reuter (2006), argues that hot IPOs are allocated to investors who direct commission business to the investment banking firm in return.”
Affiliated mutual funds and analyst optimism (2007, neutral): “First, Loughran and Ritter (2004) and Mola and Loughran (2004) show that the composition of the equity issuers gradually changed in the mid-1990s.”
IPO Underpricing Over the Very Long Run (2009, neutral): “The recent story of IPO underpricing from the 1980s onward has been told by Loughran and Ritter (2004) and others, who have investigated the changing incentives for issuers, investors and intermediaries (see section II).”
Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, background): “Lowry’s (2003) finding that more companies go public when investor sentiment is higher suggests that overvaluation is a significant determinant of the decision to go public.”
Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections (2017, methodology): “in Field and Karpoff (2002) and Loughran and Ritter (2004)), and from the SDC database.”
Acquisition Profitability and Timely Loss Recognition (2010, neutral): “High tech is a dummy variable coded 1 if the bidder and the target are both from high tech industries defined by Loughran and Ritter (2004), and 0 otherwise.”
The Economic Consequences of IPO Spinning (2010, positive): “To address the possibility that spinning may be endogenous, we conduct a two-stage estimation procedure similar to those used in Lowry and Shu (2002) and Cliff and Denis (2004).”