메뉴 건너뛰기




Volumn 9, Issue 4, 2006, Pages 366-407

Underwriter learning about unfamiliar firms: Evidence from the history of biotech IPOS

Author keywords

Initial public offering (IPO); Learning; Underwriters; Valuation

Indexed keywords


EID: 33749365539     PISSN: 13864181     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.finmar.2006.05.002     Document Type: Article
Times cited : (12)

References (59)
  • 2
    • 0001637625 scopus 로고
    • Innovation in large and small firms: an empirical analysis
    • Acs Z.J., and Audretsch D.B. Innovation in large and small firms: an empirical analysis. American Economic Review 78 (1988) 678-690
    • (1988) American Economic Review , vol.78 , pp. 678-690
    • Acs, Z.J.1    Audretsch, D.B.2
  • 3
    • 0040805978 scopus 로고    scopus 로고
    • Stabilization activities by underwriters after initial public offerings
    • Aggarwal R. Stabilization activities by underwriters after initial public offerings. Journal of Finance 55 (2000) 1075-1103
    • (2000) Journal of Finance , vol.55 , pp. 1075-1103
    • Aggarwal, R.1
  • 4
    • 0012402130 scopus 로고    scopus 로고
    • Institutional allocation in initial public offerings: empirical evidence
    • Aggarwal R., Prabhala N.R., and Puri M. Institutional allocation in initial public offerings: empirical evidence. Journal of Finance 57 (2002) 1421-1442
    • (2002) Journal of Finance , vol.57 , pp. 1421-1442
    • Aggarwal, R.1    Prabhala, N.R.2    Puri, M.3
  • 6
    • 0000772699 scopus 로고
    • Auditor reputation and the pricing of initial public offerings
    • Beatty R.P. Auditor reputation and the pricing of initial public offerings. Accounting Review 64 (1989) 693-709
    • (1989) Accounting Review , vol.64 , pp. 693-709
    • Beatty, R.P.1
  • 7
    • 84977716232 scopus 로고
    • Initial public offerings underpricing: The issuer's view - a comment
    • Barry C. Initial public offerings underpricing: The issuer's view - a comment. Journal of Finance 44 (1989) 1099-1103
    • (1989) Journal of Finance , vol.44 , pp. 1099-1103
    • Barry, C.1
  • 8
    • 0001671710 scopus 로고
    • The role of venture capital in the creation of public companies: evidence from the going-public process
    • Barry C.B., Muscarella C.J., Peavy III J., and Vetsuypens M.R. The role of venture capital in the creation of public companies: evidence from the going-public process. Journal of Financial Economics 27 (1990) 447-471
    • (1990) Journal of Financial Economics , vol.27 , pp. 447-471
    • Barry, C.B.1    Muscarella, C.J.2    Peavy III, J.3    Vetsuypens, M.R.4
  • 9
    • 0031498138 scopus 로고    scopus 로고
    • The conservatism principle and the asymmetric timeliness of earnings
    • Basu S. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24 (1997) 3-37
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 3-37
    • Basu, S.1
  • 10
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty R.P., and Ritter J.R. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 15 (1986) 213-232
    • (1986) Journal of Financial Economics , vol.15 , pp. 213-232
    • Beatty, R.P.1    Ritter, J.R.2
  • 11
    • 0039184677 scopus 로고
    • How investment bankers determine the offer price and allocation of new issues
    • Benveniste L.M., and Spindt P.A. How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics 24 (1989) 343-361
    • (1989) Journal of Financial Economics , vol.24 , pp. 343-361
    • Benveniste, L.M.1    Spindt, P.A.2
  • 12
    • 27744568768 scopus 로고
    • A theory of fads, fashion, custom, and cultural change as informational cascades
    • Bikhchandani S., Hirshleifer D., and Welch I. A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy 100 (1992) 992-1026
    • (1992) Journal of Political Economy , vol.100 , pp. 992-1026
    • Bikhchandani, S.1    Hirshleifer, D.2    Welch, I.3
  • 13
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • Carter R.B., and Manaster S. Initial public offerings and underwriter reputation. Journal of Finance 45 (1990) 1045-1068
    • (1990) Journal of Finance , vol.45 , pp. 1045-1068
    • Carter, R.B.1    Manaster, S.2
  • 14
    • 0037855539 scopus 로고    scopus 로고
    • Underwriter reputation, initial returns, and the long-run performance of IPO stocks
    • Carter R.B., Dark F.H., and Singh A.K. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 53 (1998) 285-311
    • (1998) Journal of Finance , vol.53 , pp. 285-311
    • Carter, R.B.1    Dark, F.H.2    Singh, A.K.3
  • 15
    • 84985553262 scopus 로고
    • The underpricing of initial public offerings, ex ante uncertainty, and proxy selection
    • Clarkson P.M. The underpricing of initial public offerings, ex ante uncertainty, and proxy selection. Accounting and Finance 34 (1994) 67-68
    • (1994) Accounting and Finance , vol.34 , pp. 67-68
    • Clarkson, P.M.1
  • 16
    • 0033677324 scopus 로고    scopus 로고
    • The determinants of R&D expenditures: a study of the Canadian biotechnology industry
    • Cumming D.J., and Macintosh J.G. The determinants of R&D expenditures: a study of the Canadian biotechnology industry. Review of Industrial Organization 17 (2000) 357-370
    • (2000) Review of Industrial Organization , vol.17 , pp. 357-370
    • Cumming, D.J.1    Macintosh, J.G.2
  • 17
    • 0029850502 scopus 로고    scopus 로고
    • Star scientists and institutional transformation: patterns of invention and innovation in the formation of the biotechnology industry
    • Darby M.R., and Zucker L.G. Star scientists and institutional transformation: patterns of invention and innovation in the formation of the biotechnology industry. Proceedings of the National Academy of Sciences 93 (1996) 12709-12716
    • (1996) Proceedings of the National Academy of Sciences , vol.93 , pp. 12709-12716
    • Darby, M.R.1    Zucker, L.G.2
  • 18
    • 33749370268 scopus 로고    scopus 로고
    • Darby, M. R., Zucker, L. G., 2002. Going public when you can in biotechnology. UCLA working paper.
  • 19
    • 33749359017 scopus 로고    scopus 로고
    • Darby, M. R., Liu, Q., Zucker, L.G., 1999. Stars and stakes: the effect of intellectual human capital on the level and variability of high-tech firms' market values. UCLA working paper.
  • 20
    • 33749325899 scopus 로고    scopus 로고
    • Dor, A. B., 2004. The performance of initial public offerings and the cross section of institutional ownership. Northwestern University working paper.
  • 21
    • 22744457955 scopus 로고    scopus 로고
    • Long term performance of new equity issuers, venture capital, and reputation of investment bankers
    • Doukas J.A., and Gonenc H. Long term performance of new equity issuers, venture capital, and reputation of investment bankers. Economic Notes 34 (2005) 1-34
    • (2005) Economic Notes , vol.34 , pp. 1-34
    • Doukas, J.A.1    Gonenc, H.2
  • 23
    • 22144486544 scopus 로고    scopus 로고
    • Issuer surplus and the partial adjustment of IPO prices to public information
    • Edelen R.M., and Kadlec G.B. Issuer surplus and the partial adjustment of IPO prices to public information. Journal of Financial Economics 77 (2005) 347-373
    • (2005) Journal of Financial Economics , vol.77 , pp. 347-373
    • Edelen, R.M.1    Kadlec, G.B.2
  • 24
    • 33749357895 scopus 로고    scopus 로고
    • Ernst & Young, 2000. The economic contributions of the biotechnology industry to the US economy. Ernst & Young Economics Consulting and Quantitative Analysis.
  • 25
    • 0012073772 scopus 로고    scopus 로고
    • The expiration of IPO share-lockup
    • Field L., and Hanka G. The expiration of IPO share-lockup. Journal of Finance 56 (2001) 471-500
    • (2001) Journal of Finance , vol.56 , pp. 471-500
    • Field, L.1    Hanka, G.2
  • 26
    • 33749326513 scopus 로고    scopus 로고
    • Field, L., Lowry, M., 2004. Institutional investment in newly public firms. Penn State working paper.
  • 27
    • 84989093416 scopus 로고
    • Innovative productivity and returns to scale in the pharmaceutical industry
    • Graves S.B., and Langowitz N.S. Innovative productivity and returns to scale in the pharmaceutical industry. Strategic Management Journal 14 (1993) 593-605
    • (1993) Strategic Management Journal , vol.14 , pp. 593-605
    • Graves, S.B.1    Langowitz, N.S.2
  • 28
    • 84977725468 scopus 로고
    • Signaling and the pricing of new issues
    • Grinblatt M., and Hwang C.Y. Signaling and the pricing of new issues. Journal of Finance 44 (1989) 393-420
    • (1989) Journal of Finance , vol.44 , pp. 393-420
    • Grinblatt, M.1    Hwang, C.Y.2
  • 29
    • 0035588513 scopus 로고    scopus 로고
    • Underpricing and entrepreneurial wealth losses: theory and evidence
    • Habib M., and Ljungqvist A.P. Underpricing and entrepreneurial wealth losses: theory and evidence. Review of Financial Studies 14 (2001) 433-458
    • (2001) Review of Financial Studies , vol.14 , pp. 433-458
    • Habib, M.1    Ljungqvist, A.P.2
  • 30
    • 33749360154 scopus 로고    scopus 로고
    • Hand, J. R. M., 2000. Profit, losses and the non-linear pricing of internet stocks. University of North Carolina at Chapel Hill working paper.
  • 31
    • 33749353046 scopus 로고    scopus 로고
    • Hand, J. R. M., 2003. The market valuation of biotechnology firms and biotechnology R&D. In: McCahery, J. A., Luc, R., (eds.), Venture Capital Contracting and the Valuation of High-Technology Firms. Oxford University Press, Oxford.
  • 32
    • 43949164598 scopus 로고
    • The underpricing of initial public offerings and the partial adjustment phenomenon
    • Hanley K.W. The underpricing of initial public offerings and the partial adjustment phenomenon. Journal of Financial Economics 34 (1993) 231-250
    • (1993) Journal of Financial Economics , vol.34 , pp. 231-250
    • Hanley, K.W.1
  • 33
    • 0000307785 scopus 로고
    • Evidence on the strategic allocation of initial public offerings
    • Hanley K.W., and Wilhelm W.J. Evidence on the strategic allocation of initial public offerings. Journal of Financial Economics 37 (1995) 239-257
    • (1995) Journal of Financial Economics , vol.37 , pp. 239-257
    • Hanley, K.W.1    Wilhelm, W.J.2
  • 35
    • 33749356937 scopus 로고    scopus 로고
    • The increasing returns-to-scale of intangibles
    • Hand J.R.M., and Lev B. (Eds), Oxford University Press, Oxford
    • Hand J.R.M. The increasing returns-to-scale of intangibles. In: Hand J.R.M., and Lev B. (Eds). Intangibles (2001), Oxford University Press, Oxford
    • (2001) Intangibles
    • Hand, J.R.M.1
  • 40
    • 0002072095 scopus 로고    scopus 로고
    • Can investors use the prospectus to price initial public offerings?
    • Klein A. Can investors use the prospectus to price initial public offerings?. Journal of Financial Statement Analysis 2 (1996) 23-39
    • (1996) Journal of Financial Statement Analysis , vol.2 , pp. 23-39
    • Klein, A.1
  • 41
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland H.E., and Pyle D.H. Informational asymmetries, financial structure, and financial intermediation. Journal of Finance 32 (1977) 371-387
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.E.1    Pyle, D.H.2
  • 43
    • 0141942630 scopus 로고    scopus 로고
    • What's special about the role of underwriter reputation and market activities in IPOs?
    • Logue D.E., Rogalski R.J., Seward J.K., and Foster-Johnson L. What's special about the role of underwriter reputation and market activities in IPOs?. Journal of Business 75 (2002) 213-244
    • (2002) Journal of Business , vol.75 , pp. 213-244
    • Logue, D.E.1    Rogalski, R.J.2    Seward, J.K.3    Foster-Johnson, L.4
  • 44
    • 0036108222 scopus 로고    scopus 로고
    • Why don't issuers get upset about leaving money on the table in IPOs?
    • Loughran T., and Ritter J. Why don't issuers get upset about leaving money on the table in IPOs?. Review of Financial Studies 15 (2002) 413-443
    • (2002) Review of Financial Studies , vol.15 , pp. 413-443
    • Loughran, T.1    Ritter, J.2
  • 45
    • 6344270172 scopus 로고    scopus 로고
    • Why has IPO underpricing changed over time?
    • Loughran T., and Ritter J. Why has IPO underpricing changed over time?. Financial Management 33 (2004) 5-37
    • (2004) Financial Management , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.2
  • 46
    • 0007983125 scopus 로고    scopus 로고
    • IPO market cycles: bubbles or sequential learning?
    • Lowry M., and Schwert W.G. IPO market cycles: bubbles or sequential learning?. Journal of Finance 57 (2002) 1171-1200
    • (2002) Journal of Finance , vol.57 , pp. 1171-1200
    • Lowry, M.1    Schwert, W.G.2
  • 47
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • Megginson W.L., and Weiss K.A. Venture capitalist certification in initial public offerings. Journal of Finance 46 (1991) 879-903
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.L.1    Weiss, K.A.2
  • 48
    • 0040162533 scopus 로고
    • The pricing of initial public offerings: tests of adverse-selection and signaling theories
    • Michaely R., and Shaw W.H. The pricing of initial public offerings: tests of adverse-selection and signaling theories. Review of Financial Studies 7 (1994) 279-319
    • (1994) Review of Financial Studies , vol.7 , pp. 279-319
    • Michaely, R.1    Shaw, W.H.2
  • 49
    • 0142188086 scopus 로고    scopus 로고
    • Dotcom mania: the rise and fall of internet stock prices
    • Ofek E., and Richardson M. Dotcom mania: the rise and fall of internet stock prices. Journal of Finance 58 (2003) 1113-1138
    • (2003) Journal of Finance , vol.58 , pp. 1113-1138
    • Ofek, E.1    Richardson, M.2
  • 51
    • 0001605968 scopus 로고
    • The hot issue market of 1980
    • Ritter J.R. The hot issue market of 1980. Journal of Business 57 (1984) 215-240
    • (1984) Journal of Business , vol.57 , pp. 215-240
    • Ritter, J.R.1
  • 52
    • 33749363165 scopus 로고    scopus 로고
    • Robbins-Roth, C., 2000, From Alchemy to IPO: The Business of Biotechnology. Perseus Books Group.
  • 54
    • 0000183976 scopus 로고
    • Do demand curves for stocks slope down?
    • Schleifer A. Do demand curves for stocks slope down?. The Journal of Finance 41 (1986) 579-590
    • (1986) The Journal of Finance , vol.41 , pp. 579-590
    • Schleifer, A.1
  • 56
    • 33749346190 scopus 로고    scopus 로고
    • Do individuals closest to Internet firms believe they are overvalued?
    • Schultz P., and Zaman M. Do individuals closest to Internet firms believe they are overvalued?. Journal of Financial Economics 34 (2000) 199-230
    • (2000) Journal of Financial Economics , vol.34 , pp. 199-230
    • Schultz, P.1    Zaman, M.2
  • 58
    • 84977727359 scopus 로고
    • Sequential sales, learning, and cascades
    • Welch I. Sequential sales, learning, and cascades. Journal of Finance 47 (1992) 695-732
    • (1992) Journal of Finance , vol.47 , pp. 695-732
    • Welch, I.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.