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凯斯西储大学韦瑟黑德管理学院term paper:Empirical Finance Individual Projec

论文作者:Leonardo Madureira论文属性:学期论文 termpaper登出时间:2014-02-27编辑:anne点击率:1939

论文字数:2500论文编号:org201402270944271215语种:英语论文 English地区:美国价格:$ 22

关键词:Empirical Finance管理学term paperIPOstock marketA股市场

摘要:在这项研究中,我们探讨在抑价首次公开发行(IPO )中首次公开招股是指公司上市的那一时间。这一刻的特点是发行上市股票所以IPO也是公司提高股票在A股市场的重要时刻。

Abstract

People have been puzzled by the fact that IPOs usually come with very high first-day returns. This pattern, known as underpricing, can be interpreted as IPO firms are leaving money at the table, as they could have charged a higher offering price. We examine some reasons why underpricing does—and should—take place. We find evidence consistentwith two explanations. First, underpricing is a way for the firm to compensate investors for revealing their private information, and, second,underpricing is used to entice investors—who fear the information asymmetry intrinsic to the IPO process—to participate in the offering.


1. Introduction


In this study we examine underpricing in initial public offerings (IPOs). An IPO refers to the moment a company goes public. This moment is marked by issuance of public equity, so the IPO is also the first moment the company raises equity in a stock market. More often than not, when a company goes public, the return on the IPO stock on its very first day of trading, defined as""is positive (and large). Let’s start with one single example. When Chipotle went public, its stock was offered at $22 a share, but at the end of the very first day it started trading the stock was already priced at $44. In fact, it started trading at $39.51. Investors that bought the stock during the offering (but prior to the moment it started trading) got a oneday 100% return on their investment!
This is not an isolated case. In fact, Jay Ritter found that, among 7,600 companies that went public between 1975 and 2005 in U.S., the average company rose in price 17% in the first trading day following the issuance. That might be a surprise, after all a company seems to be leaving money at the table when the price rises so much in the first day— since it could be charging more for the shares being offered. But, if the company could have been charging more for the shares, we say the IPO was underpriced.
Underpricing seems to be so pervasive that it is considered a surprise when it does not happen. The recent, much publicized, IPO for Facebook is an example. The offer price for Facebook was $38 and it closed at $38.23 at the end of the first trading day, still an underpricing but just under 1%. There was a huge outcry that somehow the offer price was too high. If we look at the close price, one would argue otherwise, that the offer price in fact was fairly valued.1

2. Hypotheses Development
3. Data and Methodology
4. Results

5. Results

We examine some possible reasons why underpricing takes place. Using a sample of IPOs from 1983 through 1987, we find evidence to support the partial adjustment and the information asymmetry stories. Specifically, we show that the underpricing increases with the change in offer price and for smaller firms. We leave as an avenue for future analysis whether different proxies for information asymmetry (for example, firm age) would deliver the same inferences.

References

Hanley, 1993. The Underpricing of Initial Public Offerings and the Partial Adjustment
Hypothesis. Journal of Financial Economics 34, 231-250.
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