메뉴 건너뛰기




Volumn 57, Issue 4, 2002, Pages 1795-1828

A review of IPO activity, pricing, and allocations

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0038193294     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.1111/1540-6261.00478     Document Type: Review
Times cited : (1455)

References (126)
  • 1
    • 0036789576 scopus 로고    scopus 로고
    • Strategic IPO underpricing, information momentum, and lockup expiration selling
    • forthcoming
    • Aggarwal, Rajesh, Laurie Krigman, and Kent Womack, 2002, Strategic IPO underpricing, information momentum, and lockup expiration selling, Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Aggarwal, R.1    Krigman, L.2    Womack, K.3
  • 2
    • 0040805978 scopus 로고    scopus 로고
    • Stabilization activities by underwriters after initial public offerings
    • Aggarwal, Reena, 2000, Stabilization activities by underwriters after initial public offerings, Journal of Finance 55, 1075-1103.
    • (2000) Journal of Finance , vol.55 , pp. 1075-1103
    • Aggarwal, R.1
  • 3
    • 0041012749 scopus 로고    scopus 로고
    • Allocation of initial public offerings and flipping activity
    • forthcoming
    • Aggarwal, Reena, 2002, Allocation of initial public offerings and flipping activity, Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Aggarwal, R.1
  • 4
    • 0041029535 scopus 로고    scopus 로고
    • Price discovery in initial public offerings and the role of the lead underwriter
    • Aggarwal, Reena, and Patrick Conroy, 2000, Price discovery in initial public offerings and the role of the lead underwriter, Journal of Finance 55, 2903-2922.
    • (2000) Journal of Finance , vol.55 , pp. 2903-2922
    • Aggarwal, R.1    Conroy, P.2
  • 5
    • 0012402130 scopus 로고    scopus 로고
    • Institutional allocation in initial public offerings: Empirical evidence
    • Aggarwal, Reena, Nagpurnanand R. Prabhala, and Manju Puri, 2002, Institutional allocation in initial public offerings: Empirical evidence, Journal of Finance 57, 1421-1442.
    • (2002) Journal of Finance , vol.57 , pp. 1421-1442
    • Aggarwal, R.1    Prabhala, N.R.2    Puri, M.3
  • 6
    • 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, 303-324.
    • (1989) Journal of Financial Economics , vol.23 , pp. 303-324
    • Allen, F.1    Faulhaber, G.R.2
  • 7
    • 0042121038 scopus 로고    scopus 로고
    • Allocations, adverse selection and cascades in IPOs: Evidence from Israel
    • New York University
    • Amihud, Yakov, Shmuel Hauser, and Amir Kirsh, 2001, Allocations, adverse selection and cascades in IPOs: Evidence from Israel, Working paper, New York University.
    • (2001) Working Paper
    • Amihud, Y.1    Hauser, S.2    Kirsh, A.3
  • 8
    • 0040435486 scopus 로고    scopus 로고
    • The equity share in new issues and aggregate stock returns
    • Baker, Malcolm P., and Jeffrey Wurgler, 2000, The equity share in new issues and aggregate stock returns, The Journal of Finance 55, 2219-2257.
    • (2000) The Journal of Finance , vol.55 , pp. 2219-2257
    • Baker, M.P.1    Wurgler, J.2
  • 9
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test statistics
    • Barber, Brad M., and John D. Lyon, 1996, Detecting abnormal operating performance: The empirical power and specification of test statistics, Journal of Financial Economics 41, 359-399.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 10
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber, Brad M., and John D. Lyon, 1997, Detecting long-run abnormal stock returns: The empirical power and specification of test statistics, Journal of Financial Economics 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.M.1    Lyon, J.D.2
  • 11
    • 33845397012 scopus 로고
    • A model of the demand for investment banking advising and distribution services for new issues
    • Baron, David P., 1982, A model of the demand for investment banking advising and distribution services for new issues, Journal of Finance 37, 955-976.
    • (1982) Journal of Finance , vol.37 , pp. 955-976
    • Baron, D.P.1
  • 12
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the under-pricing of initial public offerings
    • Beatty, Randolph P., and Jay R. Ritter, 1986, Investment banking, reputation, and the under-pricing 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
  • 13
    • 0030529155 scopus 로고    scopus 로고
    • Issuer expenses and legal liability in initial public offerings
    • Beatty, Randolph P., and Ivo Welch, 1996, Issuer expenses and legal liability in initial public offerings, Journal of Law and Economics 39, 545-602.
    • (1996) Journal of Law and Economics , vol.39 , pp. 545-602
    • Beatty, R.P.1    Welch, I.2
  • 14
    • 0031314627 scopus 로고    scopus 로고
    • Bookbuilding vs. fixed price: An analysis of competing strategies for marketing IPOs
    • Benveniste, Lawrence M., and Walid Y. Busaba, 1997, Bookbuilding vs. fixed price: An analysis of competing strategies for marketing IPOs, Journal of Financial and Quantitative Analysis 32, 383-403.
    • (1997) Journal of Financial and Quantitative Analysis , vol.32 , pp. 383-403
    • Benveniste, L.M.1    Busaba, W.Y.2
  • 15
    • 0030269005 scopus 로고    scopus 로고
    • Price stabilization as a bonding mechanism in new equity issues
    • Benveniste, Lawrence M., Walid Y. Busaba, and William J. Wilhelm, Jr., 1996, Price stabilization as a bonding mechanism in new equity issues, Journal of Financial Economics 42, 223-256.
    • (1996) Journal of Financial Economics , vol.42 , pp. 223-256
    • Benveniste, L.M.1    Busaba, W.Y.2    Wilhelm, W.J.3
  • 16
    • 0001418082 scopus 로고    scopus 로고
    • Who benefits from secondary market price stabilization of IPOs?
    • Benveniste, Lawrence M., Sina M. Erdal, and William J. Wilhelm, Jr., 1998, Who benefits from secondary market price stabilization of IPOs? Journal of Banking and Finance 22, 741-767.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 741-767
    • Benveniste, L.M.1    Erdal, S.M.2    Wilhelm, W.J.3
  • 17
    • 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
  • 18
    • 38049044430 scopus 로고
    • A comparative analysis of IPO proceeds under alternative regulatory environments
    • Benveniste, Lawrence M., and William J. Wilhelm, 1990, A comparative analysis of IPO proceeds under alternative regulatory environments, Journal of Financial Economics 28, 173-208.
    • (1990) Journal of Financial Economics , vol.28 , pp. 173-208
    • Benveniste, L.M.1    Wilhelm, W.J.2
  • 20
  • 21
    • 0000577806 scopus 로고    scopus 로고
    • Venture capital and the structure of capital markets: Banks versus stock markets
    • Black, Bernard S., and Ronald J. Gilson, 1998, Venture capital and the structure of capital markets: Banks versus stock markets, Journal of Financial Economics 47, 243-277.
    • (1998) Journal of Financial Economics , vol.47 , pp. 243-277
    • Black, B.S.1    Gilson, R.J.2
  • 22
    • 4244216544 scopus 로고    scopus 로고
    • Equilibrium rationing in initial public offerings of equity
    • University of Miami
    • Boehmer, Ekkehart, and P. Raymond Fishe, 2001, Equilibrium rationing in initial public offerings of equity, Working paper, University of Miami.
    • (2001) Working Paper
    • Boehmer, E.1    Raymond Fishe, P.2
  • 23
    • 0030160688 scopus 로고    scopus 로고
    • Ownership dispersion, costly information, and IPO underpricing
    • Booth, James R., and Lena Chua, 1996, Ownership dispersion, costly information, and IPO underpricing, Journal of Financial Economics 41, 291-310.
    • (1996) Journal of Financial Economics , vol.41 , pp. 291-310
    • Booth, J.R.1    Chua, L.2
  • 26
    • 0001131631 scopus 로고    scopus 로고
    • Venture capital and IPO lockup expirations: An empirical analysis
    • Bradley, Daniel, Brad Jordan, Ivan Roten, and Ha-Chin Yi, 2001, Venture capital and IPO lockup expirations: An empirical analysis, Journal of Financial Research 24, 465-492.
    • (2001) Journal of Financial Research , vol.24 , pp. 465-492
    • Bradley, D.1    Jordan, B.2    Roten, I.3    Yi, H.-C.4
  • 27
    • 85007633028 scopus 로고    scopus 로고
    • The choice of IPO versus takeover: Empirical evidence
    • forthcoming
    • Brau, James C., Bill Francis, and Ninon Kohers, 2002, The choice of IPO versus takeover: Empirical evidence, Journal of Business, forthcoming.
    • (2002) Journal of Business
    • Brau, J.C.1    Francis, B.2    Kohers, N.3
  • 28
    • 0038957303 scopus 로고    scopus 로고
    • Inference in long-horizon event studies: A Bayesian approach with applications to initial public offerings
    • Brav, Alon, 2000, Inference in long-horizon event studies: A Bayesian approach with applications to initial public offerings, Journal of Finance 55, 1979-2016.
    • (2000) Journal of Finance , vol.55 , pp. 1979-2016
    • Brav, A.1
  • 29
    • 0007193104 scopus 로고    scopus 로고
    • Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies
    • Brav, Alon, and Paul A. Gompers, 1997, Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies, Journal of Finance 52, 1791-1821.
    • (1997) Journal of Finance , vol.52 , pp. 1791-1821
    • Brav, A.1    Gompers, P.A.2
  • 30
    • 0012397888 scopus 로고    scopus 로고
    • Insider trading subsequent to initial public offerings: Evidence from expirations of lockup provisions
    • forthcoming
    • Brav, Alon, and Paul A. Gompers, 2002, Insider trading subsequent to initial public offerings: Evidence from expirations of lockup provisions, Review of Financial Studies, forthcoming.
    • (2002) Review of Financial Studies
    • Brav, A.1    Gompers, P.A.2
  • 31
    • 0031232456 scopus 로고    scopus 로고
    • Underpricing, ownership and control in initial public offerings of equity securities in the UK
    • Brennan, Michael J., and J. Franks, 1997, Underpricing, ownership and control in initial public offerings of equity securities in the UK, Journal of Financial Economics 45, 391-413.
    • (1997) Journal of Financial Economics , vol.45 , pp. 391-413
    • Brennan, M.J.1    Franks, J.2
  • 32
    • 0037855539 scopus 로고    scopus 로고
    • Underwriter reputation, initial returns, and the long-run performance of IPO stocks
    • Carter, Richard B., Frederick H. Dark, and Ajai K. Singh, 1998, Underwriter reputation, initial returns, and the long-run performance of IPO stocks, Journal of Finance 53, 285-311.
    • (1998) Journal of Finance , vol.53 , pp. 285-311
    • Carter, R.B.1    Dark, F.H.2    Singh, A.K.3
  • 33
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • Carter, Richard B., and Steven Manaster, 1990, Initial public offerings and underwriter reputation, Journal of Finance 45, 1045-1067.
    • (1990) Journal of Finance , vol.45 , pp. 1045-1067
    • Carter, R.B.1    Manaster, S.2
  • 34
    • 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
  • 36
    • 43949169873 scopus 로고
    • Common stock offerings across the business cycle: Theory and evidence
    • Choe, Hyuk, Ronald Masulis, and Vikram Nanda, 1993, Common stock offerings across the business cycle: Theory and evidence, Journal of Empirical Finance 1, 3-31.
    • (1993) Journal of Empirical Finance , vol.1 , pp. 3-31
    • Choe, H.1    Masulis, R.2    Nanda, V.3
  • 38
    • 6344221682 scopus 로고    scopus 로고
    • IPO initial returns and underwriter reputation: Has the inverse relationship flipped in the 1900s?
    • University of Kentucky, Case Western Reserve University, and Iowa State University
    • Cooney, John W., Ajai K. Singh, Richard B. Carter, and Frederick H. Dark, 2001, IPO initial returns and underwriter reputation: Has the inverse relationship flipped in the 1900s? Working paper, University of Kentucky, Case Western Reserve University, and Iowa State University.
    • (2001) Working Paper
    • Cooney, J.W.1    Singh, A.K.2    Carter, R.B.3    Dark, F.H.4
  • 39
    • 0039739778 scopus 로고    scopus 로고
    • Bookbuilding and strategic allocation
    • Cornelli, Francesca, and David Goldreich, 2001, Bookbuilding and strategic allocation, Journal of Finance 56, 2337-2369.
    • (2001) Journal of Finance , vol.56 , pp. 2337-2369
    • Cornelli, F.1    Goldreich, D.2
  • 40
    • 84882139236 scopus 로고    scopus 로고
    • Bookbuilding: How informative is the order book?
    • London Business School
    • Cornelli, Francesca, and David Goldreich, 2002, Bookbuilding: How informative is the order book? Working paper, London Business School.
    • (2002) Working Paper
    • Cornelli, F.1    Goldreich, D.2
  • 41
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and over-reactions
    • Daniel, Kent, David Hirshleifer, and A. Subrahmanyam, 1998, Investor psychology and security market under- and over-reactions, Journal of Finance 53, 1839-1886.
    • (1998) Journal of Finance , vol.53 , pp. 1839-1886
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 42
    • 67349140958 scopus 로고    scopus 로고
    • Auctions vs. bookbuilding and the control of underpricing in hot IPO markets
    • forthcoming
    • Derrien, Francois, and Kent L. Womack, 2002, Auctions vs. bookbuilding and the control of underpricing in hot IPO markets, Review of Financial Studies, forthcoming.
    • (2002) Review of Financial Studies
    • Derrien, F.1    Womack, K.L.2
  • 43
    • 21144477918 scopus 로고
    • IPO underpricing and insurance against legal liability
    • Drake, Philip D., and Michael R. Vetsuypens, 1993, IPO underpricing and insurance against legal liability, Financial Management 22, 64-73.
    • (1993) Financial Management , vol.22 , pp. 64-73
    • Drake, P.D.1    Vetsuypens, M.R.2
  • 44
    • 0033632719 scopus 로고    scopus 로고
    • Factors affecting investment bank initial public offering market share
    • Dunbar, Craig G., 2000, Factors affecting investment bank initial public offering market share. Journal of Financial Economics 55, 3-41.
    • (2000) Journal of Financial Economics , vol.55 , pp. 3-41
    • Dunbar, C.G.1
  • 45
    • 0003429691 scopus 로고    scopus 로고
    • Leverage, liquidity, and long-run IPO returns
    • Dartmouth College
    • Eckbo, Espen, and Oyvind Norli, 2001, Leverage, liquidity, and long-run IPO returns, Working Paper, Dartmouth College.
    • (2001) Working Paper
    • Eckbo, E.1    Norli, O.2
  • 46
    • 0040958428 scopus 로고    scopus 로고
    • When the underwriter is the market maker: An examination of trading in the IPO aftermarket
    • Ellis, Katrina, Roni Michaely, and Maureen O'Hara, 2000, When the underwriter is the market maker: An examination of trading in the IPO aftermarket, Journal of Finance 55, 1039-1074.
    • (2000) Journal of Finance , vol.55 , pp. 1039-1074
    • Ellis, K.1    Michaely, R.2    O'Hara, M.3
  • 47
    • 0043095578 scopus 로고    scopus 로고
    • The making of a dealer market: From entry to equilibrium in the trading of Nasdaq stocks
    • forthcoming
    • Ellis, Katrina, Roni Michaely, and Maureen O'Hara, 2002, The making of a dealer market: From entry to equilibrium in the trading of Nasdaq stocks, Journal of Finance 57, forthcoming.
    • (2002) Journal of Finance , vol.57
    • Ellis, K.1    Michaely, R.2    O'Hara, M.3
  • 48
    • 38549147867 scopus 로고
    • Common risk factors in the returns on bonds and stocks
    • Fama, Eugene F., and Kenneth French, 1993, Common risk factors in the returns on bonds and stocks, Journal of Financial Economics 33, 3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.2
  • 49
    • 0012073772 scopus 로고    scopus 로고
    • The expiration of IPO share lockups
    • Field, Laura C., and Gordon Hanka, 2001, The expiration of IPO share lockups, Journal of Finance 56, 471-500.
    • (2001) Journal of Finance , vol.56 , pp. 471-500
    • Field, L.C.1    Hanka, G.2
  • 50
    • 0043095579 scopus 로고    scopus 로고
    • Takeover defenses at IPO firms
    • forthcoming
    • Field, Laura C., and Jonathon Karpoff, 2002, Takeover defenses at IPO firms, Journal of Finance 57, forthcoming.
    • (2002) Journal of Finance , vol.57
    • Field, L.C.1    Karpoff, J.2
  • 51
    • 0242618813 scopus 로고    scopus 로고
    • Underpricing in IPOs: Control, monitoring, or liquidity?
    • Pennsylvania State University
    • Field, Laura C., and Dennis P. Sheehan, 2001, Underpricing in IPOs: Control, monitoring, or liquidity? Working paper, Pennsylvania State University.
    • (2001) Working Paper
    • Field, L.C.1    Sheehan, D.P.2
  • 54
    • 0345562992 scopus 로고    scopus 로고
    • The really long-term performance of initial public offerings: The pre-Nasdaq evidence
    • Harvard Business School
    • Gompers, Paul, and Josh Lerner, 2001, The really long-term performance of initial public offerings: The pre-Nasdaq evidence, Working paper, Harvard Business School.
    • (2001) Working Paper
    • Gompers, P.1    Lerner, J.2
  • 55
    • 0035588513 scopus 로고    scopus 로고
    • Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence
    • Habib, Michel, and Alexander Ljungqvist, 2001, Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence, Review of Financial Studies 14, 433-458.
    • (2001) Review of Financial Studies , vol.14 , pp. 433-458
    • Habib, M.1    Ljungqvist, A.2
  • 56
    • 43949164598 scopus 로고
    • The underpricing of initial public offerings and the partial adjustment phenomenon
    • Hanley, Kathleen Weiss, 1993, The underpricing of initial public offerings and the partial adjustment phenomenon, Journal of Financial Economics 34, 231-250.
    • (1993) Journal of Financial Economics , vol.34 , pp. 231-250
    • Hanley, K.W.1
  • 57
    • 0000307785 scopus 로고
    • Evidence on the strategic allocation of initial public offerings
    • Hanley, Kathleen Weiss, and William J. Wilhelm, Jr., 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
  • 58
    • 0036333943 scopus 로고    scopus 로고
    • Managerial optimism and corporate finance
    • forthcoming
    • Heaton, J. B., 2002, Managerial optimism and corporate finance, Financial Management, forthcoming.
    • (2002) Financial Management
    • Heaton, J.B.1
  • 59
    • 0041710369 scopus 로고    scopus 로고
    • Initial public offerings in hot and cold markets
    • Ohio State University
    • Helwege, Jean, and Nellie Liang, 2001, Initial public offerings in hot and cold markets, Working paper, Ohio State University.
    • (2001) Working Paper
    • Helwege, J.1    Liang, N.2
  • 60
    • 0012447326 scopus 로고    scopus 로고
    • Divergence of opinion, uncertainty, and the quality of initial public offerings
    • Houge, Todd, Tim Loughran, Gerry Suchanek, and Xuemin Yan, 2001, Divergence of opinion, uncertainty, and the quality of initial public offerings, Financial Management 30, 5-23.
    • (2001) Financial Management , vol.30 , pp. 5-23
    • Houge, T.1    Loughran, T.2    Suchanek, G.3    Yan, X.4
  • 61
    • 21144471474 scopus 로고
    • Litigation risk, intermediation, and the underpricing of initial public offerings
    • Hughes, Patricia J., and Anjan V. Thakor, 1992, Litigation risk, intermediation, and the underpricing of initial public offerings, Review of Financial Studies 5, 709-742.
    • (1992) Review of Financial Studies , vol.5 , pp. 709-742
    • Hughes, P.J.1    Thakor, A.V.2
  • 62
    • 0000372473 scopus 로고
    • Price performance of common stock new issues
    • Ibbotson, Roger G., 1975, Price performance of common stock new issues, Journal of Financial Economics 2, 235-272.
    • (1975) Journal of Financial Economics , vol.2 , pp. 235-272
    • Ibbotson, R.G.1
  • 63
    • 84993850751 scopus 로고
    • The post-issue operating performance of IPO firms
    • Jain, Bharat A., and Omesh Kini, 1994, The post-issue operating performance of IPO firms, Journal of Finance 49, 1699-1726.
    • (1994) Journal of Finance , vol.49 , pp. 1699-1726
    • Jain, B.A.1    Kini, O.2
  • 64
    • 0041620040 scopus 로고
    • An empirical investigation of IPO returns and subsequent equity offerings
    • Jegadeesh, Narasimhan, Mark Weinstein, and Ivo 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
  • 66
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decision under risk
    • Kahneman, Daniel, and Amos Tversky, 1979, Prospect theory: An analysis of decision under risk, Econometrica 47, 263-291.
    • (1979) Econometrica , vol.47 , pp. 263-291
    • Kahneman, D.1    Tversky, A.2
  • 67
    • 0033440941 scopus 로고    scopus 로고
    • The demand for stocks: An analysis of IPO auctions
    • Kandel, Shmuel, Oded Sarig, and Avi Wohl, 1999, The demand for stocks: An analysis of IPO auctions, Review of Financial Studies 12, 227-247.
    • (1999) Review of Financial Studies , vol.12 , pp. 227-247
    • Kandel, S.1    Sarig, O.2    Wohl, A.3
  • 68
    • 0001694154 scopus 로고
    • The winner's curse, legal liability, and the long-run price performance of initial public offerings in Finland
    • Keloharju, Matti, 1993, The winner's curse, legal liability, and the long-run price performance of initial public offerings in Finland, Journal of Financial Economics 34, 251-277.
    • (1993) Journal of Financial Economics , vol.34 , pp. 251-277
    • Keloharju, M.1
  • 71
    • 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
  • 72
    • 0034399514 scopus 로고    scopus 로고
    • Prices, liquidity, and the information content of trades
    • Koskie, Jennifer Lynch, and Roni Michaely, 2000, Prices, liquidity, and the information content of trades, Review of Financial Studies 13, 659-696.
    • (2000) Review of Financial Studies , vol.13 , pp. 659-696
    • Koskie, J.L.1    Michaely, R.2
  • 73
    • 0000112757 scopus 로고    scopus 로고
    • The persistence of IPO mispricing and the predictive power of flipping
    • Krigman, Laurie, Wayne H. Shaw, and Kent L. Womack, 1999, The persistence of IPO mispricing and the predictive power of flipping, Journal of Finance 54, 1015-1044.
    • (1999) Journal of Finance , vol.54 , pp. 1015-1044
    • Krigman, L.1    Shaw, W.H.2    Womack, K.L.3
  • 76
    • 0033261180 scopus 로고    scopus 로고
    • IPO underpricing explanations: Implications from investor application and allocation schedules
    • Lee, Philip J., Stephen L. Taylor, and Terry S. Walter, 1999, IPO underpricing explanations: Implications from investor application and allocation schedules, Journal of Financial and Quantitative Analysis 34, 425-444.
    • (1999) Journal of Financial and Quantitative Analysis , vol.34 , pp. 425-444
    • Lee, P.J.1    Taylor, S.L.2    Walter, T.S.3
  • 77
    • 0001200084 scopus 로고
    • Venture capitalists and the decision to go public
    • Lerner, Josh, 1994, Venture capitalists and the decision to go public, Journal of Financial Economics 35, 293-316.
    • (1994) Journal of Financial Economics , vol.35 , pp. 293-316
    • Lerner, J.1
  • 78
    • 0010638949 scopus 로고    scopus 로고
    • Hot markets, investor sentiment, and IPO pricing
    • New York University
    • Ljungqvist, Alexander, Vikram Nanda, and Raj Singh, 2001, Hot markets, investor sentiment, and IPO pricing, Working paper, New York University.
    • (2001) Working Paper
    • Ljungqvist, A.1    Nanda, V.2    Singh, R.3
  • 79
    • 0036697828 scopus 로고    scopus 로고
    • IPO allocations: Discriminatory or discretionary?
    • forthcoming
    • Ljungqvist, Alexander, and William Wilhelm, 2002a, IPO allocations: Discriminatory or discretionary? Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Ljungqvist, A.1    Wilhelm, W.2
  • 80
    • 84882516849 scopus 로고    scopus 로고
    • IPO pricing in the dot-com bubble: Complacency or incentives?
    • New York University
    • Ljungqvist, Alexander, and William Wilhelm, 2002b, IPO pricing in the dot-com bubble: Complacency or incentives? Working paper, New York University.
    • (2002) Working Paper
    • Ljungqvist, A.1    Wilhelm, W.2
  • 81
  • 82
    • 0141942630 scopus 로고    scopus 로고
    • What's special about the role of underwriter reputation and market activities in IPOs?
    • Logue, Dennis E., Richard Rogalski, James Seward, and Lynn Foster-Johnson, 2002, What's special about the role of underwriter reputation and market activities in IPOs? Journal of Business 75, 213-243.
    • (2002) Journal of Business , vol.75 , pp. 213-243
    • Logue, D.E.1    Rogalski, R.2    Seward, J.3    Foster-Johnson, L.4
  • 83
    • 0034148029 scopus 로고    scopus 로고
    • Uniformly least powerful tests of market efficiency
    • Loughran, Tim, and Jay R. Ritter, 2000, Uniformly least powerful tests of market efficiency, Journal of Financial Economics 55, 361-389.
    • (2000) Journal of Financial Economics , vol.55 , pp. 361-389
    • Loughran, T.1    Ritter, J.R.2
  • 84
    • 0013356812 scopus 로고    scopus 로고
    • Why has IPO underpricing increased over time?
    • University of Florida
    • Loughran, Tim, and Jay R. Ritter, 2001, Why has IPO underpricing increased over time? Working Paper, University of Florida.
    • (2001) Working Paper
    • Loughran, T.1    Ritter, J.R.2
  • 85
    • 0036108222 scopus 로고    scopus 로고
    • Why don't issuers get upset about leaving money on the table in IPOs?
    • Loughran, Tim, and Jay R. Ritter, 2002, Why don't issuers get upset about leaving money on the table in IPOs? Review of Financial Studies 15, 413-443.
    • (2002) Review of Financial Studies , vol.15 , pp. 413-443
    • Loughran, T.1    Ritter, J.R.2
  • 87
    • 33645090396 scopus 로고    scopus 로고
    • Why does IPO volume fluctuate?
    • forthcoming
    • Lowry, Michelle, 2002, Why does IPO volume fluctuate? Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Lowry, M.1
  • 88
    • 0007983125 scopus 로고    scopus 로고
    • IPO market cycles: Bubbles or sequential learning?
    • Lowry, Michelle, and G. William Schwert, 2002, IPO market cycles: Bubbles or sequential learning? Journal of Finance 57, 1171-1200.
    • (2002) Journal of Finance , vol.57 , pp. 1171-1200
    • Lowry, M.1    William Schwert, G.2
  • 89
    • 0036334384 scopus 로고    scopus 로고
    • Litigation risk and IPO underpricing
    • forthcoming
    • Lowry, Michelle, and Susan Shu, 2002, Litigation risk and IPO underpricing, Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Lowry, M.1    Shu, S.2
  • 90
    • 84977738336 scopus 로고
    • Equity issues and stock price dynamics
    • Lucas, Deborah, and Robert McDonald, 1990, Equity issues and stock price dynamics, Journal of Finance, 45, 1019-1043.
    • (1990) Journal of Finance , vol.45 , pp. 1019-1043
    • Lucas, D.1    McDonald, R.2
  • 91
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock returns
    • Lyon, John D., Brad M. Barber, and Chih-Ling Tsai, 1999, Improved methods for tests of long-run abnormal stock returns, Journal of Finance 54, 165-201.
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Lyon, J.D.1    Barber, B.M.2    Tsai, C.-L.3
  • 92
    • 0035629158 scopus 로고    scopus 로고
    • Technological innovation and initial public offerings
    • Maksimovic, Vojislav, and Pegaret Pichler, 2001, Technological innovation and initial public offerings, Review of Financial Studies 14, 459-494.
    • (2001) Review of Financial Studies , vol.14 , pp. 459-494
    • Maksimovic, V.1    Pichler, P.2
  • 93
    • 0002721187 scopus 로고    scopus 로고
    • Going public and the ownership structure of the firm
    • Mello, Antonio S., and John B. Parsons, 1998, Going public and the ownership structure of the firm. Journal of Financial Economics 49, 79-109.
    • (1998) Journal of Financial Economics , vol.49 , pp. 79-109
    • Mello, A.S.1    Parsons, J.B.2
  • 94
    • 0040162533 scopus 로고
    • The pricing of initial public offerings: Tests of adverse-selection and signaling theories
    • Michaely, Roni, and Wayne H. Shaw, 1994, The pricing of initial public offerings: Tests of adverse-selection and signaling theories, Review of Financial Studies 7, 279-319.
    • (1994) Review of Financial Studies , vol.7 , pp. 279-319
    • Michaely, R.1    Shaw, W.H.2
  • 95
    • 0033442404 scopus 로고    scopus 로고
    • Conflict of interest and the credibility of under-writer analyst recommendations
    • Michaely, Roni, and Kent L. Womack, 1999, Conflict of interest and the credibility of under-writer analyst recommendations, Review of Financial Studies 12, 653-686.
    • (1999) Review of Financial Studies , vol.12 , pp. 653-686
    • Michaely, R.1    Womack, K.L.2
  • 96
  • 97
    • 84916929634 scopus 로고
    • Risk, uncertainty, and divergence of opinion
    • Miller, Edward M., 1977, Risk, uncertainty, and divergence of opinion, Journal of Finance 32, 1151-1168.
    • (1977) Journal of Finance , vol.32 , pp. 1151-1168
    • Miller, E.M.1
  • 99
    • 85016693088 scopus 로고    scopus 로고
    • Reputation and financial intermediation: An empirical investigation of the impact of IPO mispricing on underwriter market value
    • Nanda, Vikram, and Youngkeol Yun, 1997, Reputation and financial intermediation: An empirical investigation of the impact of IPO mispricing on underwriter market value, Journal of Financial Intermediation 6, 39-63.
    • (1997) Journal of Financial Intermediation , vol.6 , pp. 39-63
    • Nanda, V.1    Yun, Y.2
  • 100
    • 0009895248 scopus 로고    scopus 로고
    • Why do computers go public? An empirical analysis
    • Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, Why do computers go public? An empirical analysis, Journal of Finance 53, 27-64.
    • (1998) Journal of Finance , vol.53 , pp. 27-64
    • Pagano, M.1    Panetta, F.2    Zingales, L.3
  • 101
    • 4243293795 scopus 로고    scopus 로고
    • Linux deal is focus of IPO-commission probe
    • Pulliam, Susan, and Randall Smith, 2000, Linux deal is focus of IPO-commission probe, Wall Street Journal December 12, C1.
    • (2000) Wall Street Journal , vol.DECEMBER 12 , pp. C1
    • Pulliam, S.1    Smith, R.2
  • 102
    • 0013405396 scopus 로고    scopus 로고
    • CSFB official set quota for repayment of IPO profits in form of commissions
    • Pulliam, Susan, and Randall Smith, 2001, CSFB official set quota for repayment of IPO profits in form of commissions, Wall Street Journal August 10, C1.
    • (2001) Wall Street Journal , vol.AUGUST 10 , pp. C1
    • Pulliam, S.1    Smith, R.2
  • 104
    • 0002860329 scopus 로고    scopus 로고
    • Analyst following of initial public offerings
    • Rajan, Raghuram, and Henri Servaes, 1997, Analyst following of initial public offerings, Journal of Finance 52, 507-529.
    • (1997) Journal of Finance , vol.52 , pp. 507-529
    • Rajan, R.1    Servaes, H.2
  • 105
    • 84974295330 scopus 로고
    • Further evidence on short-run results for new issues investors
    • Reilly, Frank K., 1973, Further evidence on short-run results for new issues investors, Journal of Financial and Quantitative Analysis 8, 83-90.
    • (1973) Journal of Financial and Quantitative Analysis , vol.8 , pp. 83-90
    • Reilly, F.K.1
  • 107
    • 0038126508 scopus 로고    scopus 로고
    • Investment banking and securities issuance
    • G. Constantinides, M. Harris, and R. Stulz, eds. (North-Holland, New York, NY)
    • Ritter, Jay R., 2002, Investment banking and securities issuance, in G. Constantinides, M. Harris, and R. Stulz, eds.: Handbook of the Economics of Finance (North-Holland, New York, NY).
    • (2002) Handbook of the Economics of Finance
    • Ritter, J.R.1
  • 108
    • 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
  • 109
    • 70349877295 scopus 로고    scopus 로고
    • The timing of initial public offerings
    • University of Notre Dame
    • Schultz, Paul H., 2000, The timing of initial public offerings, Working paper, University of Notre Dame.
    • (2000) Working Paper
    • Schultz, P.H.1
  • 110
    • 0142158503 scopus 로고    scopus 로고
    • Pseudo market timing and the long-run underperformance of IPOs
    • University of Notre Dame
    • Schultz, Paul H., 2001, Pseudo market timing and the long-run underperformance of IPOs, Working paper, University of Notre Dame.
    • (2001) Working Paper
    • Schultz, P.H.1
  • 111
    • 0001691928 scopus 로고    scopus 로고
    • Do the individuals closest to Internet firms believe they are overvalued?
    • Schultz, Paul H., and Mir Zaman, 2001, Do the individuals closest to Internet firms believe they are overvalued? Journal of Financial Economics 59, 347-381.
    • (2001) Journal of Financial Economics , vol.59 , pp. 347-381
    • Schultz, P.H.1    Zaman, M.2
  • 112
    • 0034413281 scopus 로고    scopus 로고
    • IPOs and long-term relationships: An advantage of bookbuilding
    • Sherman, Ann, 2000, IPOs and long-term relationships: An advantage of bookbuilding, Review of Financial Studies 13, 697-714.
    • (2000) Review of Financial Studies , vol.13 , pp. 697-714
    • Sherman, A.1
  • 113
    • 0004298248 scopus 로고    scopus 로고
    • Global trends in IPO methods: Book building versus auctions
    • University of Notre Dame
    • Sherman, Ann, 2001, Global trends in IPO methods: Book building versus auctions, Working paper, University of Notre Dame.
    • (2001) Working Paper
    • Sherman, A.1
  • 114
    • 0036331584 scopus 로고    scopus 로고
    • Building the IPO order book: Underpricing and participation limits with costly information
    • forthcoming
    • Sherman, Ann, and Sheridan Titman, 2002, Building the IPO order book: Underpricing and participation limits with costly information, Journal of Financial Economics, forthcoming.
    • (2002) Journal of Financial Economics
    • Sherman, A.1    Titman, S.2
  • 115
    • 0010015155 scopus 로고    scopus 로고
    • Underwriters set aside IPO stock for officials of potential customers
    • Siconolfi, Michael, 1997, Underwriters set aside IPO stock for officials of potential customers, Wall Street Journal November 12, A1.
    • (1997) Wall Street Journal , vol.NOVEMBER 12 , pp. A1
    • Siconolfi, M.1
  • 116
    • 0000792614 scopus 로고
    • Preplay communication, participation restrictions, and efficiency in initial public offerings
    • Spatt, Chester S., and Sanjay Srivastava, 1991, Preplay communication, participation restrictions, and efficiency in initial public offerings, Review of Financial Studies 4, 709-726.
    • (1991) Review of Financial Studies , vol.4 , pp. 709-726
    • Spatt, C.S.1    Srivastava, S.2
  • 118
    • 0002109385 scopus 로고    scopus 로고
    • IPO-mechanisms, monitoring and ownership structure
    • Stoughton, Neal M., and Josef Zechner, 1998, IPO-mechanisms, monitoring and ownership structure, Journal of Financial Economics 49, 45-77.
    • (1998) Journal of Financial Economics , vol.49 , pp. 45-77
    • Stoughton, N.M.1    Zechner, J.2
  • 119
    • 0040531555 scopus 로고    scopus 로고
    • The going public decision and the development of financial markets
    • Subrahmanyam, Avanidhar, and Sheridan Titman, 1999, The going public decision and the development of financial markets, Journal of Finance 54, 1045-1082.
    • (1999) Journal of Finance , vol.54 , pp. 1045-1082
    • Subrahmanyam, A.1    Titman, S.2
  • 120
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run market performance of initial public offerings
    • Teoh, Slew Hong, Ivo Welch, and T. J. Wong, 1998, Earnings management and the long-run market performance of initial public offerings, Journal of Finance 53, 1935-1974.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 121
    • 84977718972 scopus 로고
    • Anatomy of initial public offerings of common stock
    • Tinic, Seha M., 1988, Anatomy of initial public offerings of common stock, Journal of Finance 43, 789-822.
    • (1988) Journal of Finance , vol.43 , pp. 789-822
    • Tinic, S.M.1
  • 123
    • 84977703615 scopus 로고
    • Seasoned offerings, imitation costs, and the underpricing of initial public offerings
    • Welch, Ivo, 1989, Seasoned offerings, imitation costs, and the underpricing of initial public offerings, Journal of Finance 44, 421-450.
    • (1989) Journal of FinancE , vol.44 , pp. 421-450
    • Welch, I.1
  • 124
    • 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
  • 125
    • 77952447939 scopus 로고    scopus 로고
    • Why do IPO underwriters allocate extra shares when they expect to buy them back?
    • University of Florida
    • Zhang, Donghang, 2001, Why do IPO underwriters allocate extra shares when they expect to buy them back? Working paper, University of Florida.
    • (2001) Working Paper
    • Zhang, D.1
  • 126
    • 0001277064 scopus 로고
    • Insider ownership and the decision to go public
    • Zingales, Luigi, 1995, Insider ownership and the decision to go public, Review of Economic Studies 62, 425-448.
    • (1995) Review of Economic Studies , vol.62 , pp. 425-448
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.