التفاصيل البيبلوغرافية
| العنوان: |
Initial Public Offering Underpricing: The Issuer's View--A Comment. |
| المؤلفون: |
Barry, Christopher B. |
| المصدر: |
Journal of Finance (Wiley-Blackwell); Sep89, Vol. 44 Issue 4, p1099-1103, 5p |
| مصطلحات موضوعية: |
GOING public (Securities), DISTRIBUTION (Economic theory), EARNINGS per share, CORPORATE finance, PRICING, CORPORATION law, STOCKHOLDERS, STOCK prices, RATE of return, INVESTORS |
| مستخلص: |
I consider the underpricing of initial public offerings (IPOs) and the wealth transfers implicit in that underpricing. I find that initial returns properly measure the "issue cost" effect of underpricing as a fraction of offer size, as in Ritter (1987). I present a measure of the wealth effect of underpricing per share retained. In general, the wealth effects on existing shareholders depend on the extent to which they participate in the offering. From the perspective of issuer's wealth, I find that Dawson's (1987) measure is appropriate only in the special case in which all of the prior owners' shares are sold in the IPO. [ABSTRACT FROM AUTHOR] |
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