IPO pricing in the dot-com bubble

• 成果类型: Article
• 署名作者: Ljungqvist, A; Wilhelm, WJ Jr
• 署名单位: New York University; Centre for Economic Policy Research - UK; University of Oxford; University of Virginia
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00543
• 发表日期: 2003
• 页码: 723-752
• 关键词: initial public offerings; certification; allocation; COSTS; MODEL

摘要

IPO underpricing reached astronomical levels during 1999 and 2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by marked changes in pre-IPO ownership structure and insider selling behavior over the period, which reduced key decision, makers' incentives to control underpricing. After controlling for these changes, the difference in underpricing between 1999 and 2000 and the preceding three years is much reduced. Our results suggest that it was firm characteristics that were unique during the dot-com. bubble and that pricing behavior followed from incentives created by these characteristics.