Underpricing and Entrepreneurial Wealth Losses in Ipos:Theory and Evidence

By M. Habib, Alexander P. Ljungqvist. 2001

604 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/cf84f7b05152799f5af2f34e8224ae80173a8a69

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Citations in the corpus

IPO Underpricing Over the Very Long Run (2009, neutral): “Habib and Ljungqvist (2001) postulate a realignment of incentives hypothesis according to which underpricing varies indirectly with the proportion of the offering that is represented by disposal of insider shares, the assumption being that managers are likely to care about the wealth effects of…”
Discounting and underpricing in seasoned equity offers (2003, background): “…Muscarella, and Vetsuypens (1991), Hanley (1993), Jegadeesh, Weinstein, and Welch (1993), Dunbar (1995), Beatty and Welch (1996), Booth and Chua (1996), Habib and Ljungqvist (2001), Hansen (2001), Lowry and Schwert (2001), Benveniste, Wilhelm, and Yu (2002), and Busaba, Benveniste, and Guo (2001).”
Negotiation and the IPO Offer Price: A Comparison of Integer vs. Non-Integer IPOs (2004, neutral): “Habib and Ljungqvist (2001) argue that issuers care most about underpricing when they are”
Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, background): “Habib and Ljungqvist (2001) and Ljungqvist and Wilhelm (2003) note that agency-related issues potentially affect the ways in which managers of issuing firms influence offer prices.”
Redacting Proprietary Information at the Initial Public Offering (2015, background): “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. Consistent with the findings in Loughran and McDonald (2013), the number of calendar days between the initial filing date and th”
Executive stock options and IPO underpricing (2007, background): “In contrast, 1See, for example, Habib and Ljungqvist (2001), Loughran and Ritter (2002, 2004), Ljungqvist and Wilhelm (2003), Li and Masulis (2006).”
Do investment banks compete in IPOs?: the advent of the "7% plus contract" (2001, background): “Studies sometimes include the inverse of the o!er price and the spread in underpricing regression analyses (Beatty and Welch, 1996; Booth and Chua, 1996; Jegadeesh et al., 1993; Habib and Ljungqvist, 1999).”
Why Has IPO Underpricing Changed Over Time (2002, neutral): “B. Instrumental Variable Regression Results Habib and Ljungqvist (2001), Fernando, Gatchev, and Spindt (2004), and others argue that the prestige of the lead underwriter is endogenous in regressions with underpricing as the dependent variable.”
Does Sentiment Drive the Retail Demand for IPOs? (2009, background): “To estimate equation 2, I include the determinants of underwriter choice suggested by Habib and Ljungqvist (2001) and Ljungqvist and Wilhelm (2003) who argue that firms facing greater valuation uncertainty and firms whose insiders would like to sell more equity choose more experienced or prestigious”
Why Has IPO Underpricing Increased Over Time (2002, background): “See Habib and Ljungqvist (2001) for a discussion of endogeneity issues in the context of IPO underpricing regressions. increase the R2 by adding additional variables, but we prefer a relatively parsimonious specification.”