Public Information , IPO Price Formation , and Long-run Returns : Japanese Evidence

  • Kenji Kutsuna, Janet Kiholm Smith Von Tobel, Richard L. Smith Peter F. Drucker amd Masatoshi Ito
  • Published 2006


We use a sample of JASDAQ IPOs to study the effects of public information on offer price formation, initial returns, and long-run returns. Underwriters begin reporting anticipated offer prices of Japanese IPOs at an earlier point than in the US. The observable portion of the price formation process begins with an original price that is established before… (More)

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