東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Two essays on IPO information revela...

University of Colorado at Boulder., Business.

Linked to FindBook

Google Book

Amazon

博客來

Two essays on IPO information revelation.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Two essays on IPO information revelation./
Author:	Wang, Wei.
Description:	135 p.
Notes:	Adviser: Chris Yung.
Contained By:	Dissertation Abstracts International69-07A.
Subject:	Economics, Finance. -
Online resource:	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.
LDR:02232nmm 2200313 a 45 001 890860
005 20101105
008 101105s2008 ||||||||||||||||| ||eng d
020 $a 9780549673873
035 $a (UMI)AAI3315850
035 $a AAI3315850
040 $a UMI $c UMI
100 1 $a Wang, Wei. $3 895950
245 1 0 $a Two essays on IPO information revelation.
300 $a 135 p.
500 $a Adviser: Chris Yung.
500 $a Source: Dissertation Abstracts International, Volume: 69-07, Section: A, page: 2823.
502 $a Thesis (Ph.D.)--University of Colorado at Boulder, 2008.
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.
590 $a School code: 0051.
650 4 $a Economics, Finance. $3 626650
690 $a 0508
710 2 $a University of Colorado at Boulder. $b Business. $3 1018464
773 0 $t Dissertation Abstracts International $g 69-07A.
790 $a 0051
790 1 0 $a Peng, Liang $e committee member
790 1 0 $a Rock, Steven $e committee member
790 1 0 $a Stutzer, Michael J. $e committee member
790 1 0 $a Yung, Chris, $e advisor
790 1 0 $a Zender, Jaime F. $e committee member
791 $a Ph.D.
792 $a 2008
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3315850