Articlebronze2002

IPO Market Cycles: Bubbles or Sequential Learning?

627 citations0/0 files storedThe Journal of Finance

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

ABSTRACT Both IPO volume and average initial returns are highly autocorrelated. Further, more companies tend to go public following periods of high initial returns. However, we find that the level of average initial returns at the time of filing contains no information about that company's eventual underpricing. Both the cycles in initial returns and the lead‐lag relation between initial returns and IPO volume are predominantly driven by information learned during the registration period. More positive information results in higher initial returns and more companies filing IPOs soon thereafter.

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References

1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods 1973Risk, Return, and Equilibrium: Empirical Tests 2010Investigating Causal Relations by Econometric Models and Cross-Spectral Methods 1991The Long‐Run Performance of initial Public Offerings 1986Why new issues are underpriced 1986Investment banking, reputation, and the underpricing of initial public offerings 1991Venture Capitalist Certification in Initial Public Offerings 1998Why Do Companies Go Public? An Empirical Analysis

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