When companies go public, the equity they sell in an initial public offering tends to be
underpriced, resulting in a substantial price jump on the first day of trading. The underpricing …

This paper examines the current status of research on IPOs in general, with special focus on
Asian IPOs. As in the case of US IPOs, most past studies on Asian IPOs deal with the issue …

One of the puzzles regarding initial public offerings (IPOs) is that issuers rarely get upset
about leaving substantial amounts of money on the table, defined as the number of shares …

We find evidence that initial public offering (IPO) firms, on average, have high positive issue-
year earnings and abnormal accruals, followed by poor long-run earnings and negative …

The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time,
and is considerably larger during “hot” IPO markets. Consistent with IPO theory, the volatility …

This paper examines the association between block ownership and market liquidity.
Blockholders are believed to have access to private, value-relevant information via their …

This paper examines aftermarket trading of underwriters and unaffiliated market makers in
the three‐month period after an IPO. We find that the lead underwriter is always the …

Prior research has assumed that underwriters post a stabilizing bid in the aftermarket. We
find instead that aftermarket activities are less transparent and include stimulating demand …

This paper examines underwriters' pricing errors and the information content of first‐day
trading activity in IPOs. We show that first‐day winners continue to be winners over the first …

There is a general perception that the large trading volume in initial public offerings is mostly
due to “flippers” that are allocated shares in the offering and immediately resell them. On …