IPO pricing in the dot-com bubble

  title={IPO pricing in the dot-com bubble},
  author={Alexander P. Ljungqvist and William J. Wilhelm},
IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behavior over the period which reduced key decision-makers’ incentives to control underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the… CONTINUE READING
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