Who benefits from secondary market price stabilization of IOPs?

Journal of Banking and Finance

Volumn 22, Issue 6-8, 1998, Pages 741-767

  Benveniste, Lawrence M ^a   M Erdal, Sina ^b   Wilhelm Jr , William J ^b  

^a UNIVERSITY OF MINNESOTA   (United States)

^b BOSTON COLLEGE   (United States)

Author keywords

G24; IPOs; Penalty bids; Price stabilization

Indexed keywords

EID: 0001418082     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0378-4266(98)00014-4     Document Type: Article

References (22)

1. Aitken M., Frino A. The accuracy of the tick test: Evidence from the Australian stock exchange. Journal of Banking and Finance. 20:1996;1715-1730.
2. Benveniste, L.M., Busaba, W.Y., 1995. Price discovery and the option value in going public. Working paper. University of Minnesota, Minneapolis, MN.
3. Benveniste L.M., Busaba W.Y., Wilhelm W.J. Price stabilization as a bonding mechanism on new equity issues. Journal of Financial Economics. 42:1996;223-255.
4. Benveniste, L.M., Busaba, W.Y., Wilhelm, W.J., 1997. Information externalities in primary equity markets. Working paper. Boston College, Chestnut Hill, MA.
5. Benveniste, L.M., Spindt, P.A., 1989. How investment bankers determine the offer price and allocation of initial public offerings. Journal of Financial Economics 24, 343-362.
6. Benveniste L.M., Wilhelm W.J. A comparative analysis of IPO proceeds under alternative regulatory environments. Journal of Financial Economics. 28:1990;173-207.
7. Benveniste, L.M., Wilhelm, W.J., 1997. Initial public offerings: Going by the book. Journal of Applied Corporate Finance.
8. Chowdhry B., Nanda V. Stabilization, syndication and pricing of IPOs. Journal of Financial and Quantitative Analysis. 31:1996;25-42.
9. Correra, A.J., 1992. Block that sale! War on IPO flippers hurts little guy, Barron's, 1 June 1992, p. 43.
10. Hanley K.W. Underpricing of initial public offerings and the partial adjustment phenomenon. Journal of Financial Economics. 34:1993;231-250.
11. Hanley K.W., Wilhelm W.J. Jr. Evidence on the strategic allocation of initial public offerings. Journal of Financial Economics. 37:1995;239-257.
12. Hanley K.W., Kumar A.A., Seguin P.J. Price stabilization in the market for new issues. Journal of Financial Economics. 34:1993;177-198.
13. Hanley K.W., Lee C.M.C., Seguin P.J. The marketing of closed-end fund IPOs: Evidence from transactions data. Journal of Financial Intermediation. 5:1996;127-159.
14. Keloharju M. The winner's curse, legal liability, and the long-run performance of initial public offerings in Finland. Journal of Financial Economics. 34:1993;251-277.
15. Koh F., Walter T. A direct test of Rock's model of the pricing of unseasoned issues. Journal of Financial Economics. 23:1989;251-272.
16. Lee C.M.C., Ready M.J. Inferring trade direction from intraday data. Journal of Finance. 46:1991;733-746.
17. Pagano M. The flotation of companies on the stock market: A coordination failure model. European Economic Review. 37:1993;1101-1125.
18. Rock K. Why new issues are underpriced. Journal of Financial Economics. 15:1986;187-212.
19. Schultz P.H., Zaman M.A. Aftermarket support and underpricing of initial public offerings. Journal of Financial Economics. 35:1994;199-220.
20. Siegel, S., Castellan, J., 1988. Nonparametric Statistic. McGraw-Hill, New York.
21. Titman, S., Subrahmanyam, A., 1997. Information, resource allocation, and the development of financial markets. Working paper. Boston College, Chestnut Hill, MA.
22. Weiss K. The post-offering price performance of closed-end funds. Financial Management. 18:1989;57-67.