Matches in SemOpenAlex for { <https://semopenalex.org/work/W1525441831> ?p ?o ?g. }
Showing items 1 to 58 of
58
with 100 items per page.
- W1525441831 abstract "I model the pricing decision of an investment bank that manages a book-built IPO and faces a stochastic downward sloping demand curve for the firm’s IPO shares. The model distinguishes between the effect of differences of opinion and valuation uncertainty on the pricing decision of the investment bank and hence average IPO initial returns. Without relying upon information asymmetries between agents, the model predicts several empirical regularities: average positive initial returns, the ubiquitous use of the over-allotment option, partial adjustment of offer prices to observable information, and extreme initial returns in a bubble. The model provides insight into the how investment banks interpret and price information. For example, news stories about the IPO firm attract potential new investors, many of which are plausibly sentiment investors. My model shows two effects of news stories on the stochastic demand curve. First, the new investors cause an outward shift out in the demand curve. Second, the new investors, many of whom are sentiment investors, increase valuation uncertainty. The investment bank raises the offer price due to the shift in demand caused by news stories, but only partially because of the increase in valuation uncertainty." @default.
- W1525441831 created "2016-06-24" @default.
- W1525441831 creator A5085906237 @default.
- W1525441831 date "2010-01-01" @default.
- W1525441831 modified "2023-10-18" @default.
- W1525441831 title "The Effect of Differences of Opinion and Market Conditions on the Pricing of IPOs by Investment Banks" @default.
- W1525441831 cites W2052003281 @default.
- W1525441831 cites W2096678446 @default.
- W1525441831 cites W2147225826 @default.
- W1525441831 cites W3125904631 @default.
- W1525441831 doi "https://doi.org/10.2139/ssrn.1364807" @default.
- W1525441831 hasPublicationYear "2010" @default.
- W1525441831 type Work @default.
- W1525441831 sameAs 1525441831 @default.
- W1525441831 citedByCount "0" @default.
- W1525441831 crossrefType "journal-article" @default.
- W1525441831 hasAuthorship W1525441831A5085906237 @default.
- W1525441831 hasConcept C10138342 @default.
- W1525441831 hasConcept C106159729 @default.
- W1525441831 hasConcept C12559387 @default.
- W1525441831 hasConcept C144133560 @default.
- W1525441831 hasConcept C15241564 @default.
- W1525441831 hasConcept C162324750 @default.
- W1525441831 hasConcept C17744445 @default.
- W1525441831 hasConcept C199539241 @default.
- W1525441831 hasConcept C27548731 @default.
- W1525441831 hasConcept C556758197 @default.
- W1525441831 hasConcept C73283319 @default.
- W1525441831 hasConcept C94625758 @default.
- W1525441831 hasConceptScore W1525441831C10138342 @default.
- W1525441831 hasConceptScore W1525441831C106159729 @default.
- W1525441831 hasConceptScore W1525441831C12559387 @default.
- W1525441831 hasConceptScore W1525441831C144133560 @default.
- W1525441831 hasConceptScore W1525441831C15241564 @default.
- W1525441831 hasConceptScore W1525441831C162324750 @default.
- W1525441831 hasConceptScore W1525441831C17744445 @default.
- W1525441831 hasConceptScore W1525441831C199539241 @default.
- W1525441831 hasConceptScore W1525441831C27548731 @default.
- W1525441831 hasConceptScore W1525441831C556758197 @default.
- W1525441831 hasConceptScore W1525441831C73283319 @default.
- W1525441831 hasConceptScore W1525441831C94625758 @default.
- W1525441831 hasLocation W15254418311 @default.
- W1525441831 hasOpenAccess W1525441831 @default.
- W1525441831 hasPrimaryLocation W15254418311 @default.
- W1525441831 hasRelatedWork W1535772069 @default.
- W1525441831 hasRelatedWork W2185097735 @default.
- W1525441831 hasRelatedWork W2607198225 @default.
- W1525441831 hasRelatedWork W2906155342 @default.
- W1525441831 hasRelatedWork W2907801947 @default.
- W1525441831 hasRelatedWork W3124888097 @default.
- W1525441831 hasRelatedWork W3125125974 @default.
- W1525441831 hasRelatedWork W3125999847 @default.
- W1525441831 hasRelatedWork W3205733563 @default.
- W1525441831 hasRelatedWork W4246788702 @default.
- W1525441831 isParatext "false" @default.
- W1525441831 isRetracted "false" @default.
- W1525441831 magId "1525441831" @default.
- W1525441831 workType "article" @default.