A review of IPO activity, pricing, and allocations

• 成果类型: Review
• 署名作者: Ritter, JR; Welch, I
• 署名单位: State University System of Florida; University of Florida; Yale University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00478
• 发表日期: 2002
• 页码: 1795-1828
• 关键词: initial public offerings; operating performance; UNDERWRITER REPUTATION; investment banking; EMPIRICAL POWER; LEGAL LIABILITY; MARKET; OWNERSHIP; stabilization; DECISION

摘要

We review the theory and evidence on IPO activity: why firms go public, why they reward first-day investors with considerable underpricing, and how. IPOs perform in the long run. Our perspective is threefold: First, we believe that many IPO phenomena are not stationary. Second, we believe research into share allocation issues is the most promising area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO phenomena. Instead, we believe future progress in the literature will come from non-rational and agency conflict explanations. We describe some promising such alternatives.