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IPO Market Cycles: Bubbles or Sequential Learning?
16 references·10 citing·34 second hop
IPO Market Cycles: Bubbles or Sequential Learning? (2001)IPO Market Cycles: Bubbles or Sequential …Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs? (2002)Why Don’t Issuers Get Upset A…Why Do Companies Go Public? An Empirical Analysis (1998)Why Do Companies Go Public? A…Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks (1998)Underwriter Reputation, Initi…Analyst Following of Initial Public Offerings (1997)Analyst Following of Initial …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…The Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…Investor Sentiment and the Closed-End Fund Puzzle (1991)Investor Sentiment and the Cl…How investment bankers determine the offer price and allocation of new issues (1989)How investment bankers determ…INITIAL PUBLIC OFFERINGS (1988)INITIAL PUBLIC OFFERINGSWhy new issues are underpriced (1986)Why new issues are underpricedInvestment banking, reputation, and the underpricing of initial public offerings (1986)Investment banking, reputatio…The "Hot Issue" Market of 1980 (1984)The "Hot Issue" Market of 1980A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues (1982)A Model of the Demand for Inv…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Investigating Causal Relations by Econometric Models and Cross-spectral Methods (1969)Investigating Causal Relation…The JOBS Act and the Costs of Going Public (2014)The JOBS Act and the Costs of…Legal opportunism, litigation risk, and IPO underpricing (2014)Legal opportunism, litigation…LEGITIMACY SIGNALS AND FAMILY IPO PERFORMANCES (2013)LEGITIMACY SIGNALS AND FAMILY…Primary market characteristics and secondary market frictions of stocks (2011)Primary market characteristic…Leverage and pricing of debt in LBOs (2011)Leverage and pricing of debt …Investor Sentiment and Market Anomalies (2010)Investor Sentiment and Market…Capital Structure Decisions in Family Firms - Empirical Evidence from a Bank-Based Economy (2009)Capital Structure Decisions i…Purchasing Ipos with Commissions (2006)Purchasing Ipos with Commissi…A Study of the Relationship Between Firm Age‐at‐IPO and Aftermarket Stock Performance (2002)A Study of the Relationship B…Equilibrium Rationing in Initial Public Offerings of Equity (2001)Equilibrium Rationing in Init…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 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)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)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Does the Stock Market Overreact? (1985)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)What Do We Know about Capital Structure? Some Evidence from International Data (1995)Legal Determinants of External Finance (1997)Law and Finance (1998)Market Timing and Capital Structure (2002)Why Has IPO Underpricing Changed Over Time? (2002)Why Has IPO Underpricing Changed Over Time (2004)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)Oil and the Macroeconomy since World War II (1983)Giving Content to Investor Sentiment: The Role of Media in the Stock Market (2007)Testing for Granger non-causality in heterogeneous panels (2012)
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References

  • 1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods22,971 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 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
  • 1998Why Do Companies Go Public? An Empirical Analysis1,881 cited
  • 1989How investment bankers determine the offer price and allocation of new issues1,815 cited
  • 1984The "Hot Issue" Market of 19801,586 cited
  • 1998Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks1,510 cited
  • 1991Investor Sentiment and the Closed-End Fund Puzzle1,508 cited
  • 2002Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?1,384 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 Issues

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931 cited
  • 1997Analyst Following of Initial Public Offerings679 cited
  • Cited by

    • 2010Investor Sentiment and Market Anomalies45 cited
    • 2014The JOBS Act and the Costs of Going Public44 cited
    • 2009Capital Structure Decisions in Family Firms - Empirical Evidence from a Bank-Based Economy37 cited
    • 2002A Study of the Relationship Between Firm Age‐at‐IPO and Aftermarket Stock Performance35 cited
    • 2001Equilibrium Rationing in Initial Public Offerings of Equity30 cited
    • 2013LEGITIMACY SIGNALS AND FAMILY IPO PERFORMANCES27 cited
    • 2006Purchasing Ipos with Commissions24 cited
    • 2011Primary market characteristics and secondary market frictions of stocks23 cited
    • 2014Legal opportunism, litigation risk, and IPO underpricing22 cited
    • 2011Leverage and pricing of debt in LBOs22 cited