The quiet period goes out with a bang

• 成果类型: Article
• 署名作者: Bradley, DJ; Jordan, BD; Ritter, JR
• 署名单位: Clemson University; University of Kentucky; State University System of Florida; University of Florida
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00517
• 发表日期: 2003
• 页码: 1-36
• 关键词: initial public offerings; recommendations

摘要

We examine the expiration of the IPO quiet period, which occurs after the 25th calendar day following the offering. For IPOs during 1996 to. 2000, we find that analyst coverage is initiated immediately for 76 percent of these firms, almost always with a favorable rating. Initiated firms experience a five-day abnormal return of 4.1 percent versus 0.1 percent for firms with no coverage. The abnormal returns are concentrated in the days just before the quiet period expires. Abnormal returns are much larger when coverage is initiated by multiple analysts. It does not matter whether a recommendation comes from the lead underwriter or not.