Blar i NHH Brage på emneord "underpricing"

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    • Overpricing (and underpricing) in IPOs : a model of excess initial returns 

      Leite, Tore (Discussion paper, Working paper, 2000-12)
      This paper develops a model in which new issues, in equilibrium, may be overpriced or underpriced, depending on parameter values. The ability of an investor to withdraw from the offering upon observing unfavorable information ...

    • Partial Adjustment to Public Information in the Pricing of IPOs 

      Bakke, Einar; Leite, Tore E.; Thorburn, Karin S. (Working paper, 2016-01)
      Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a new explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt ...

    • Public information and IPO underpricing 

      Bakke, Einar; Leite, Tore; Thorburn, Karin S. (Discussion paper, Working paper, 2010-08)
      We analyze the effect of public information on rational investors' incentives to reveal private information during the bookbuilding process and their demand for allocations in the IPO. Our model generates several new ...