메뉴 건너뛰기




Volumn 41, Issue 2, 1996, Pages 291-310

Ownership dispersion, costly information, and IPO underpricing

Author keywords

Information cost; Initial public offerings; Ownership dispersion; Underpricing

Indexed keywords


EID: 0030160688     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/0304-405X(95)00862-9     Document Type: Article
Times cited : (304)

References (34)
  • 1
    • 45349112870 scopus 로고
    • Signaling by underpricing in the IPO market
    • Allen, Franklin and Gerald R. Faulhaber, 1989, Signaling by underpricing in the IPO market, Journal of Financial Economics 23, 303-323.
    • (1989) Journal of Financial Economics , vol.23 , pp. 303-323
    • Allen, F.1    Faulhaber, G.R.2
  • 3
    • 0001295992 scopus 로고
    • Underwriter warrants, underwriter compensation, and the costs of going public
    • Barry, Christopher B., Christopher J. Muscarella, and Michael R. Vetsuypens, 1991, Underwriter warrants, underwriter compensation, and the costs of going public, Journal of Financial Economics 29, 113-135.
    • (1991) Journal of Financial Economics , vol.29 , pp. 113-135
    • Barry, C.B.1    Muscarella, C.J.2    Vetsuypens, M.R.3
  • 4
    • 0001671710 scopus 로고
    • The role of venture capital in the creation of public companies: Evidence from the going-public process
    • Barry, Christopher B., Christopher J. Muscarella, John W. Peavy III, and Michael R. Vetsuypens, 1990, The role of venture capital in the creation of public companies: Evidence from the going-public process, Journal of Financial Economics 27, 447-471.
    • (1990) Journal of Financial Economics , vol.27 , pp. 447-471
    • Barry, C.B.1    Muscarella, C.J.2    Peavy J.W. III3    Vetsuypens, M.R.4
  • 5
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty, Randolph P. and Jay R. Ritter, 1986, Investment banking, reputation, and the underpricing of initial public offerings, Journal of Financial Economics 15, 213-232.
    • (1986) Journal of Financial Economics , vol.15 , pp. 213-232
    • Beatty, R.P.1    Ritter, J.R.2
  • 6
    • 0039184677 scopus 로고
    • How investment bankers determine the offer price and allocation of new issues
    • Benveniste, Lawrence M. and Paul A. Spindt, 1989, How investment bankers determine the offer price and allocation of new issues, Journal of Financial Economics 24, 343-362.
    • (1989) Journal of Financial Economics , vol.24 , pp. 343-362
    • Benveniste, L.M.1    Spindt, P.A.2
  • 7
    • 0011615421 scopus 로고
    • Capital raising, underwriting and the certification hypothesis
    • Booth, James R. and Richard L. Smith III, 1986, Capital raising, underwriting and the certification hypothesis, Journal of Financial Economics 15, 261-281.
    • (1986) Journal of Financial Economics , vol.15 , pp. 261-281
    • Booth, J.R.1    Smith R.L. III2
  • 9
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • Carter, Richard and Steven Manaster, 1990, Initial public offerings and underwriter reputation, Journal of Finance 45, 1045-1068.
    • (1990) Journal of Finance , vol.45 , pp. 1045-1068
    • Carter, R.1    Manaster, S.2
  • 10
    • 84993921360 scopus 로고
    • The pricing of initial public offers: A dynamic model with information production
    • Chemmanur, Thomas J., 1993, The pricing of initial public offers: A dynamic model with information production, Journal of Finance 48, 285-304.
    • (1993) Journal of Finance , vol.48 , pp. 285-304
    • Chemmanur, T.J.1
  • 12
    • 84993915181 scopus 로고
    • Why do NASDAQ market makers avoid odd eight quotes?
    • forthcoming
    • Christie, William and Paul Schultz, 1994, Why do NASDAQ market makers avoid odd eight quotes?, Journal of Finance, forthcoming.
    • (1994) Journal of Finance
    • Christie, W.1    Schultz, P.2
  • 13
    • 0001132822 scopus 로고
    • Sealed bids, sunk costs, and the process of competition
    • French, Kenneth R. and Robert McCormick, 1984, Sealed bids, sunk costs, and the process of competition, Journal of Business 57, 47-441.
    • (1984) Journal of Business , vol.57 , pp. 47-441
    • French, K.R.1    McCormick, R.2
  • 14
    • 21144459167 scopus 로고
    • IPO underpricing, insider selling and subsequent equity offerings: Is underpricing a signal of quality?
    • Garfinkel, Jon A., 1993, IPO underpricing, insider selling and subsequent equity offerings: Is underpricing a signal of quality?, Financial Management 22, 74-83.
    • (1993) Financial Management , vol.22 , pp. 74-83
    • Garfinkel, J.A.1
  • 15
    • 84977725468 scopus 로고
    • Signalling and the pricing of unseasoned new issues
    • Grinblatt, Mark and C.Y. Hwang, 1989, Signalling and the pricing of unseasoned new issues, Journal of Finance 44, 393-420.
    • (1989) Journal of Finance , vol.44 , pp. 393-420
    • Grinblatt, M.1    Hwang, C.Y.2
  • 16
    • 43949164598 scopus 로고
    • The relationship of the offer price to the preliminary file range and the use of the overallotment option in initial public offerings
    • Hanley, Kathleen Weiss, 1993, The relationship of the offer price to the preliminary file range and the use of the overallotment option in initial public offerings, Journal of Financial Economics 34, 231-250.
    • (1993) Journal of Financial Economics , vol.34 , pp. 231-250
    • Hanley, K.W.1
  • 17
    • 0000307785 scopus 로고
    • Evidence on the strategic allocation of initial public offerings
    • Hanley, Kathleen Weiss and William J. Wilhelm, 1995, Evidence on the strategic allocation of initial public offerings, Journal of Financial Economics 37, 239-257.
    • (1995) Journal of Financial Economics , vol.37 , pp. 239-257
    • Hanley, K.W.1    Wilhelm, W.J.2
  • 19
    • 0041620040 scopus 로고
    • An empirical investigation of IPO returns and subsequent equity offerings
    • Jegadeesh, N., M. Weinstein, and I. Welch, 1993, An empirical investigation of IPO returns and subsequent equity offerings, Journal of Financial Economics 34, 153-175.
    • (1993) Journal of Financial Economics , vol.34 , pp. 153-175
    • Jegadeesh, N.1    Weinstein, M.2    Welch, I.3
  • 20
    • 0001882337 scopus 로고
    • A direct test of Rock's model of the pricing of unseasoned issues
    • Koh, Francis and Terry Walter, 1989, A direct test of Rock's model of the pricing of unseasoned issues, Journal of Financial Economics 23, 251-272.
    • (1989) Journal of Financial Economics , vol.23 , pp. 251-272
    • Koh, F.1    Walter, T.2
  • 21
    • 0001861576 scopus 로고
    • The winner's curse problem, interest costs, and the underpricing of initial public offerings
    • Levis, M., 1990, The winner's curse problem, interest costs, and the underpricing of initial public offerings, Economic Journal, 76-89.
    • (1990) Economic Journal , pp. 76-89
    • Levis, M.1
  • 23
    • 0002745497 scopus 로고
    • Pricing of initial equity issues: The french sealed-bid auction
    • McDonald, John G. and Bertrand C. Jacquillat, 1974, Pricing of initial equity issues: The French sealed-bid auction, Journal of Business 47, 37-47.
    • (1974) Journal of Business , vol.47 , pp. 37-47
    • McDonald, J.G.1    Jacquillat, B.C.2
  • 24
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • Megginson, W. and K. Weiss, 1991, Venture capitalist certification in initial public offerings, Journal of Finance 46, 879-903.
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.1    Weiss, K.2
  • 25
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton, Robert C., 1987, A simple model of capital market equilibrium with incomplete information, Journal of Finance 42, 483-510.
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.C.1
  • 26
    • 0001605968 scopus 로고
    • The 'hot' issue market of 1980
    • Ritter, Jay R., 1984, The 'hot' issue market of 1980, Journal of Business 32, 215-240.
    • (1984) Journal of Business , vol.32 , pp. 215-240
    • Ritter, J.R.1
  • 28
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter, Jay R., 1991, The long-run performance of initial public offerings, Journal of Finance 46, 3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.R.1
  • 29
    • 0003481321 scopus 로고
    • Unpublished Ph.D. dissertation (University of Chicago, Chicago, IL)
    • Rock, Kevin, 1982, Why new issues are underpriced, Unpublished Ph.D. dissertation (University of Chicago, Chicago, IL).
    • (1982) Why New Issues Are Underpriced
    • Rock, K.1
  • 30
    • 0000423667 scopus 로고
    • Why new issues are underpriced
    • Rock, Kevin, 1986, Why new issues are underpriced, Journal of Financial Economics 15, 187-212.
    • (1986) Journal of Financial Economics , vol.15 , pp. 187-212
    • Rock, K.1
  • 31
    • 38249043340 scopus 로고
    • Investment banking and the capital acquisition process
    • Smith, Clifford, 1986, Investment banking and the capital acquisition process, Journal of Financial Economics 15, 3-30.
    • (1986) Journal of Financial Economics , vol.15 , pp. 3-30
    • Smith, C.1
  • 32
    • 84977727359 scopus 로고
    • Sequential sales, learning, and cascades
    • Welch, Ivo, 1992, Sequential sales, learning, and cascades, Journal of Finance 47, 695-732.
    • (1992) Journal of Finance , vol.47 , pp. 695-732
    • Welch, I.1
  • 33
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, H., 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica 22, 817-838
    • (1980) Econometrica , vol.22 , pp. 817-838
    • White, H.1
  • 34
    • 84925910020 scopus 로고
    • A bidding model of perfect competition
    • Wilson, Robert, 1977, A bidding model of perfect competition, Review of Economic Studies 4, 511-518.
    • (1977) Review of Economic Studies , vol.4 , pp. 511-518
    • Wilson, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.