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- W2743253676 abstract "This chapter reviews the theories that have been advanced to explain the initial price behavior of new issues, that is, the relationship between offer price and initial market price, and the underpricing of new issues. The pricing theories include explanations formulated under the assumptions of homogeneous as well as heterogeneous information, respectively. In relation to the former, the chapter discusses underpricing as a complementary form of underwriter compensation; as a form of implicit insurance premium; and as the result of constraints on offer prices or monopsony power. Pricing theories relying on the assumption of heterogeneous information explain initial pricing within a signaling or an asymmetric information context. Within the latter, underpricing is explained as compensation for adverse selection; an incentive to informed investors to reveal private valuation-related information; or compensation for the underwriter’s certification service." @default.
- W2743253676 created "2017-08-17" @default.
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- W2743253676 date "2017-01-01" @default.
- W2743253676 modified "2023-09-28" @default.
- W2743253676 title "Theories of New Issue Pricing" @default.
- W2743253676 doi "https://doi.org/10.1016/b978-0-12-803282-4.00009-2" @default.
- W2743253676 hasPublicationYear "2017" @default.
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