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Biases in the IPO Pricing Process
16 references·2 citing·34 second hop
Biases in the IPO Pricing Process (2001)Biases in the IPO Pricing ProcessPartial Adjustment to Public Information and IPO Underpricing (2002)Partial Adjustment to Public …IPO Market Cycles: Bubbles or Sequential Learning? (2002)IPO Market Cycles: Bubbles or…Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence (2001)Underpricing and Entrepreneur…Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks (1998)Underwriter Reputation, Initi…THE MARKET'S PROBLEMS WITH THE PRICING OF INITIAL PUBLIC OFFERINGS (1994)THE MARKET'S PROBLEMS WITH TH…The underpricing of initial public offerings and the partial adjustment phenomenon (1993)The underpricing of initial p…Venture Capitalist Certification in Initial Public Offerings (1991)Venture Capitalist Certificat…Venture Capitalist Certification in Initial Public Offerings (1991)Venture Capitalist Certificat…How investment bankers determine the offer price and allocation of new issues (1989)How investment bankers determ…INITIAL PUBLIC OFFERINGS (1988)INITIAL PUBLIC OFFERINGSExpected stock returns and volatility (1987)Expected stock returns and vo…Why new issues are underpriced (1986)Why new issues are underpricedInvestment banking, reputation, and the underpricing of initial public offerings (1986)Investment banking, reputatio…A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues (1982)A Model of the Demand for Inv…Price performance of common stock new issues (1975)Price performance of common s…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Sticky Prices: IPO Pricing on NASDAQ and the Neuer Markt (2005)Sticky Prices: IPO Pricing on…Why Was Internet IPO Underpricing so Severe? (2001)Why Was Internet IPO Underpri…Specification Tests in Econometrics (1978)Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation (1982)Generalized autoregressive conditional heteroskedasticity (1986)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Role of Market Forces in Assuring Contractual Performance (1981)Initial Public Offerings and Underwriter Reputation (1990)The Long‐Run Performance of initial Public Offerings (1991)Dancing with Strangers: Aspiration Performance and the Search for Underwriting Syndicate Partners (2005)The New Issues Puzzle (1995)Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies (1997)Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis (2003)Why Has IPO Underpricing Changed Over Time (2004)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Auditor independence, ‘low balling’, and disclosure regulation (1981)Financial Intermediation, Loanable Funds, and The Real Sector (1997)Interorganizational Endorsements and the Performance of Entrepreneurial Ventures (1999)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Pricing of Options and Corporate Liabilities (1973)Market Efficiency, Long-Term Returns, and Behavioral Finance (1997)The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States (1999)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Investor Psychology and Security Market Under‐ and Overreactions (1998)Information and the Cost of Capital (2004)The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle (1998)A Review of IPO Activity, Pricing, and Allocations (2002)Whom You Know Matters: Venture Capital Networks and Investment Performance (2007)
this work references cited by second hop

References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1987Expected stock returns and volatility4,147 cited
  • 1986Why new issues are underpriced2,788 cited
  • 1986Investment banking, reputation, and the underpricing of initial public offerings2,581 cited
  • 1991Venture Capitalist Certification in Initial Public Offerings2,322 cited
  • 1989How investment bankers determine the offer price and allocation of new issues1,815 cited
  • 1998Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks1,510 cited
  • 1975Price performance of common stock new issues1,341 cited
  • 1988INITIAL PUBLIC OFFERINGS1,183 cited
  • 1993The underpricing of initial public offerings and the partial adjustment phenomenon988 cited
  • 1982A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues931 cited
  • 1991Venture Capitalist Certification in Initial Public Offerings637 cited
  • 2002IPO Market Cycles: Bubbles or Sequential Learning?627 cited
  • 2001Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence568 cited
  • 2002Partial Adjustment to Public Information and IPO Underpricing491 cited

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  • 1994THE MARKET'S PROBLEMS WITH THE PRICING OF INITIAL PUBLIC OFFERINGS490 cited
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    • 2001Why Was Internet IPO Underpricing so Severe?25 cited
    • 2005Sticky Prices: IPO Pricing on NASDAQ and the Neuer Markt23 cited