In the 1980s, the average first-day return on initial public offerings (IPOs) was 7%. The
average first-day return doubled to almost 15% during 1990-1998, before jumping to 65 …

We examine the relation between risk and IPO underpricing and test two aspects of the
litigation-risk hypothesis:(1) firms with higher litigation risk underprice their IPOs by a greater …

Both IPO volume and average initial returns are highly autocorrelated. Further, more
companies tend to go public following periods of high initial returns. However, we find that …

We examine the institutional bids submitted under the bookbuilding procedure for a sample
of international equity issues. We find that information in bids which include a limit price …

We provide evidence that firms attempting IPOs condition offer terms and the decision
whether to carry through with an offering on the experience of their primary market …

This paper explores the potential marketing benefits of going public and of IPO underpricing.
We examine the impact of IPO underpricing on website traffic, which is a direct measure of …

We examine theories of IPO underpricing using unique data from Israel where the allocation
to subscribers is by equal proration. This enables us to simulate the return earned by …

Expected discounting in seasoned equity offers is a cost of uncertainty about firm value,
marketing new shares, and acquiring information that raises the offer price. Stockholders …

We investigate issuers withdrawing an IPO (after security regulation filings) that return later
for a successful offering. Venture capital backing and reputation of the lead underwriter are …

We study IPO pricing in Germany to determine whether when-issued trading provides
information that is useful for setting IPO offer prices, and whether such trading supplants …