We review the theory and evidence on IPO activity: why firms go public, why they reward first‐
day investors with considerable underpricing, and how IPOs perform in the long run. Our …

Abstract Rock's [1] theory ascertains information asymmetry as a primary reason to answer
“Why New Issues are Underpriced?” Theoretical construct of this seminal work is based on …

We model an IPO company's optimal response to the presence of sentiment
investors.“Regular” investors are allocated stock that they subsequently sell to sentiment …

IPO volume fluctuates substantially over time. This paper compares the extent to which the
aggregate capital demands of private firms, the adverse-selection costs of issuing equity …

We study the underpricing and long-term performance of A-and B-share initial public
offerings (IPOs) issued in China during the 1993–1998 period. The average underpricing for …

This chapter analyzes the securities issuance process, focusing on initial public offerings
(IPOs) and seasoned equity offerings (SEOs). The IPO literature documents three empirical …

Individual and institutional investors can trade German initial public equity offerings on an as-
if/when-issued basis before the start of secondary trading. Using actual when-issued trades …

We test an approach for estimating the potential price of as yet untraded equity investments.
The innovative aspect of our approach is that we use specific control factors, which we …

Abstract The National Stock Exchange (NSE) is India's first fully demutualized stock
exchange. It is also the largest exchange in India in terms of volumes in both equity and …

Private equity firms that are listed on stock exchanges commit to extensive public
disclosures. By contrast, unlisted private equity firms communicate privately with partner …