The short-run price performance of investment trust IPOs on the UK main market

  title={The short-run price performance of investment trust IPOs on the UK main market},
  author={Arif Khurshed and Ram Mudambi},
  journal={Applied Financial Economics},
  pages={697 - 706}
The short run underpricing of initial public offerings (IPOs) is one of the best-documented anomalies in finance. The Rock model explains this anomaly in terms of horizontal information asymmery amongst investors. In this paper comprehensive IPO data from the UK main market for the period 1989–1996 are used to test the Rock model against several other alternatives. It is proposed that horizontal information asymmetry should be smaller for investment trust IPOs as compared to conventional… 
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