English, Article edition: An examination of IPO secondary market returns Bradley, Daniel J.; Gonas, John S.; Highfield, Michael J.; ...

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Physical Description
  • article
Language
  • English

Edition details

Title
  • An examination of IPO secondary market returns
Author
  • Bradley, Daniel J.
  • Gonas, John S.
  • Highfield, Michael J.
  • Roskelley, Kenneth D.
Physical Description
  • article
Notes
  • IPO stock prices increased approximately 2.3% on the first day of secondary market trading over the period 1993 through 2003. While these aftermarket returns are accentuated during 1999 and 2000, they persist after the bubble burst and even increase as a percentage of total underpricing. We explore several non-mutually exclusive hypotheses to explain our findings including price support, laddering, retail sentiment, and information asymmetry. Our results are most consistent with the view that higher secondary market returns accrue to IPOs with more information asymmetries possibly due to price and aggregate demand uncertainty.
  • IPO secondary returns Underpricing Partial adjustment Sentiment investors Aggregate demand uncertainty
  • RePEc:eee:corfin:v:15:y:2009:i:3:p:316-330
Language
  • English
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