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- W3125190508 abstract "We analyze the primary market characteristics and the secondary market trading frictions of new stocks. IPOs issued in hot markets, with low offer price, low-reputation underwriters or no VC backing face higher liquidity frictions, higher information constraints, and worse short-sale constraints. Underpriced IPOs are more liquid and more recognizable, but they have higher idiosyncratic risk and higher short-sale constraints. Also, we find an interesting time trend in the evolution of the new stocks' trading frictions: the mean-reversion of an average IPO stock toward a typical seasoned stock takes more than a few years. We propose a quality-based explanation for these findings." @default.
- W3125190508 created "2021-02-01" @default.
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- W3125190508 date "2012-05-01" @default.
- W3125190508 modified "2023-10-18" @default.
- W3125190508 title "Primary market characteristics and secondary market frictions of stocks" @default.
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- W3125190508 doi "https://doi.org/10.1016/j.finmar.2011.11.001" @default.
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