Understanding first-day returns of hospitality initial public offerings

Cornell Hotel and Restaurant Administration Quarterly

Volumn 44, Issue 4, 2003, Pages 17-28

  Canina, Linda ^a   Gibson, Scott ^a  

^a School of Hotel Administration ^*  (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0141976823     PISSN: 00108804     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0010-8804(03)90255-2     Document Type: Note

References (9)

1. Inmoo Lee Scott Lockhead Jay Ritter The Costs of Raising Capital Journal of Financial Research Spring 1996 59 74
2. Tim Loughran Jay R. Ritter Why Has IPO Under-pricing Changed over Time 2002 University of Notre Dame and the University of Florida Working Paper
3. George Akerlof The Market for ‘Lemons’: Quality, Uncertainty, and the Market Mechanism Quarterly Journal of Economics August 1970 488 550
4. For a formal theoretical model of the bookbuilding process, see: Lawrence M. Benveniste Paul A. Spindt How Investment Bankers Determine the Offer Price and Allocation of Initial Public Offerings Journal of Financial Economics Vol. 24 1989 343 362
5. Tim Loughran Jay R. Ritter Why Has IPO Under-pricing Changed over Time 2002 University of Notre Dame and the University of Florida Working Paper
6. Our results for the hospitality industry are consistent with the aggregated multi-industry findings of: Kathleen Weiss Hanley The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon Journal of Financial Economics Vol. 34 1993 231 250
7. Tim Loughran Jay R. Ritter Why Has IPO Under-pricing Changed over Time 2002 University of Notre Dame and the University of Florida Working Paper
8. For example, see: Randall Smith Kate Kelly More Disclosure on Distribution of IPOs Looms Wall Street Journal May 12, 2003 C1
9. Randall Smith Kate Kelly More Disclosure on Distribution of IPOs Looms Wall Street Journal May 12, 2003 C9