The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories
作者： Roni Michaely , Wayne H. Shaw
DOI: 10.1093/RFS/7.2.279
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摘要: We test the empirical implications of several models of IPO underpricing. Consistent with the winner’s-curse hypothesis, we show that in markets where investors know a priori that they …
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