The Link between IPO Underpricing and Trading Volume: Evidence from the Istanbul Stock Exchange
作者： Asli Yüksel , Aydin Yüksel
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摘要: Recent evidence from U.S. markets shows that IPO underpricing is associated with high liquidity for issuing firms. One explanation given this link firms simultaneously decide on share retention and to maximize aftermarket liquidity. We use data the Istanbul Stock Exchange (ISE) provide international evidence. Our results do not support argument as a tool make up reduction in caused by higher retention. report there an asymmetric relationship between trading volume short run. However, positive term long volume, which shown exist markets, missing ISE. Based explanations prior research, we argue lack of persistency initial broad ownership and/or investor interest may be reason link.
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