Publication
Oct 2005
This paper analyzes the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets. The authors use a theoretical model and argue that underpricing of IPOs raises investors' attention and, thereby, triggers investments in secondary markets. Their results indicate that such investments give rise to positive index excess returns.
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English (PDF, 38 pages, 878 KB) |
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Author | Peter Nippel, Christian Pierdzioch, Andrea Schertler |
Series | Kiel Institute Working Papers |
Issue | 1259 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2005 Kiel Institute for the World Economy |