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

@article{Khurshed2001TheSP,
  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},
  year={2001},
  volume={12},
  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… 
“Hot Issue” IPO Markets and its Consequences for Issuing Firms and Investors: The UK Market of 2000
Managers make use of the fact that initial public offerings (IPOs) are discretionary events to select the time for going public, causing cycles in the new issues markets. This paper provides evidence
Firm resources and quality signalling: evidence from UK initial public offerings
This study examines the relative importance of financial structure, advisers’ reputations, and managerial experience on the market value achieved by an initial public offering (IPO). A sample of 172
Underpricing and Money "Left on the Table" in Italian IPOs
The pricing of Initial Public Offerings (IPOs) in the short-run has been analyzed by several theoretical and empirical studies referring to the major international stock markets. This paper presents
Short Run Underpricing of Initial Public Offerings (IPOs) in the National Stock Exchange (NSE)
  • A. Singh, S. Kalra
  • Business, Economics
    Ramanujan International Journal of Business and Research
  • 2019
In order to gauge the phenomenon of underpricing and behaviour of returns generated by Indian IPOs with respect to underlying factors, a complete analysis of the short run performance of IPOs listed
Determinants of the initial IPO performance: evidence from Hong Kong and Taiwan
The study examines the pricing determinants of initial public offerings (IPOs) in the Hong Kong and Taiwanese markets. Consistent with the literature, we find that the IPOs are underpriced in these
Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities
This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We
Firm Specific Determinants of Under-Pricing on the Ghana Stock Market
The study provides empirical analysis of the initial and after-market short-run IPO returns over the period 1990-2009. The results show that firms on the Ghanaian stock market on average are
Underpricing of Initial Public Offerings on African Stock Markets: Ghana and Nigeria
The paper provides empirical analyses of the initial and after-market short-run and long-run IPO returns on the Ghanaian and Nigerian stock markets over the period 1990 to 2006. The results show that
Short-Term Performance of Chinese A-Share IPOs
  • Q. Lu
  • Business, Economics
  • 2010
Short-run IPO underpricing is extensively documented for the developed countries. In this thesis, we use market-adjusted returns (both offer-to-close and close-to-close) for periods ending on days 1,
...
...

References

SHOWING 1-10 OF 64 REFERENCES
The long-run performance of initial public offerings: The UK experience 1980-1988
Conventional wisdom suggests that the presence of positive first day returns for initial public offerings (IPOs). documented for almost every capital market in the world, constitutes evidence of
The Long-Run Performance of Initial Public Offerings
The underpricing of initial public offerings that has been widely documented appears to be a short-run phenomenon. Issuing firms during 1975-84 substantially underperformed a sample of matching firms
Returns on Initial Public Offerings of Closed-End Funds
Examination of 41 closed-end fund intial public offerings (IPOs) during the period from January 1986 to June 1987 reveals that the mean intial day's return is not significantly different from zero in
Pricing initial public offerings: Further evidence from Germany
...
...