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Two essays on IPO information revela...

University of Colorado at Boulder., Business.

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Two essays on IPO information revelation.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Two essays on IPO information revelation./
作者:	Wang, Wei.
面頁冊數:	135 p.
附註:	Adviser: Chris Yung.
Contained By:	Dissertation Abstracts International69-07A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3315850
ISBN:	9780549673873

Two essays on IPO information revelation.
Wang, Wei.

Two essays on IPO information revelation. - 135 p.

Adviser: Chris Yung.

Thesis (Ph.D.)--University of Colorado at Boulder, 2008.

This dissertation addresses the resolution of private information in the IPO market. At the micro level, information content of IPO price is investigated. IPOs underwritten by high-quality investment banks are associated with more aggressive pre-offering price revisions and lower cross-sectional variations in aftermarket price run-up, and also more pronounced partial adjustment to private information, which suggest that high-quality underwriters engage in more effective information aggregation during in the primary market while low-quality ones do not. This indicates that the Benveniste-Spindt dynamic information acquisition model is more suitable for high-quality banks. At the macro level, a model is developed in which time-varying investment opportunities lead to time-varying adverse selection in the IPO market, which generates pro-cyclical IPO clustering in volume and underpricing. Given that the private information is revealed gradually in the secondary market, the model also predicts greater cross-sectional variation in price run-up and higher incidence of delisting for firms going public in booming markets. The above patterns are solidly observed in our U.S. IPO sample over 1973-2004.

ISBN: 9780549673873Subjects--Topical Terms:

626650
Economics, Finance.

Two essays on IPO information revelation.
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520 $a This dissertation addresses the resolution of private information in the IPO market. At the micro level, information content of IPO price is investigated. IPOs underwritten by high-quality investment banks are associated with more aggressive pre-offering price revisions and lower cross-sectional variations in aftermarket price run-up, and also more pronounced partial adjustment to private information, which suggest that high-quality underwriters engage in more effective information aggregation during in the primary market while low-quality ones do not. This indicates that the Benveniste-Spindt dynamic information acquisition model is more suitable for high-quality banks. At the macro level, a model is developed in which time-varying investment opportunities lead to time-varying adverse selection in the IPO market, which generates pro-cyclical IPO clustering in volume and underpricing. Given that the private information is revealed gradually in the secondary market, the model also predicts greater cross-sectional variation in price run-up and higher incidence of delisting for firms going public in booming markets. The above patterns are solidly observed in our U.S. IPO sample over 1973-2004.
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