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Overpricing (and underpricing) in IPOs : a model of excess initial returns
(Discussion paper2000:24, Working paper, 2000-12)
This paper develops a model in which new issues, in equilibrium, may be overpriced or underpriced, depending on parameter values. The ability of an investor to withdraw from the offering upon observing unfavorable information ...
Public information and IPO underpricing
(Discussion paper2010:6, Working paper, 2010-08)
We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new ...
Partial Adjustment to Public Information in the Pricing of IPOs
(Working paper, 2016-01)
Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a new explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt ...