Journal Article
Another view of the underpricing of initial public offerings
Abstract: How should high average initial returns on new public offerings of common stocks be interpreted? The usual view is that such offerings are intentionally underpriced. This study draws on previously neglected information about return distributions and market practice to advance a different explanation for the high average returns.
Keywords: Corporations - Finance; Stock - Prices;
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Quarterly Review
Publication Date: 1991
Volume: 16
Issue: Spr
Pages: 83-85