Pricing Initial Public Offerings on 'New' European Stock Markets
作者： Giancarlo Giudici , Peter G. J. Roosenboom
DOI: 10.2139/SSRN.314275
关键词: Stock exchange 、 Monetary economics 、 Market return 、 Stock (geology) 、 Business 、 Initial public offering 、 Stock market bubble 、 Financial system
摘要: In 2000 more companies listed in Europe than the US. This is mainly due to success of "new" stock markets designed for high-growth companies. this paper we analyse a sample 482 Initial Public Offerings (IPOs), on five European up March 2001. We investigate determinants their first-day returns. find mean return (underpricing) equal +38.09%. Market returns, IPO firm's risk and price revisions premarket are positively related whereas deal flow shows inversely underpricing. also show that Internet euphoria impacts
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