Does sentiment drive the retail demand for IPOs?

Journal of Financial and Quantitative Analysis

Volumn 44, Issue 1, 2009, Pages 85-108

  Dorn, Daniel ^a  

^a DREXEL UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 67649647650     PISSN: 00221090     EISSN: None     Source Type: Journal    
DOI: 10.1017/S0022109009090024     Document Type: Article

References (34)

1. Aussenegg, W.; P. Pichler; and A. Stamper. "IPO Pricing with Bookbuilding and a When-Issued Market." Journal of Financial and Quantitative Analysis, 41 (2006), 829-862.
2. Barber, B., and T. Odean. "Online Investors: Do the Slow Die First?" Review of Financial Studies, 15 (2002), 455-487.
3. Barber, B., and T. Odean. "All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors." Review of Financial Studies, 21 (2008), 785-818.
4. Barberis, N. C, and A. Shleifer. "Style Investing." Journal of Financial Economics, 68 (2003), 161- 199.
5. Brunnermeier, M. K., and S. Nagel. "Hedge Funds and the Technology Bubble." Journal of Finance, 59 (2004), 2013-2040.
6. Cooper, M. J.; O. Dimitrov; and P. R. Rau. "A Rose.Com by Any Other Name." Journal of Finance, 56 (2001), 2371-2388.
7. Cornelli, F.; D. Goldreich; and A. Ljungqvist. "Investor Sentiment and Pre-IPO Markets." Journal of Finance, 61 (2006), 1187-1216.
8. D'Avolio, G. "The Market for Borrowing Stock." Journal of Financial Economics, 66 (2002), 271- 306.
9. Daniel, K. D.; D. Hirshleifer; and A. Subrahmanyam. "Investor Psychology and Security Market Under- and Over-Reactions." Journal of Finance, 53 (1998), 1839-1885.
10. DeLong, J. B.; A. Shleifer; L. Summers; and R. J. Waldmann. "Noise Trader Risk in Financial Markets." Journal of Political Economy, 98 (1990a), 703-738.
11. DeLong, J. B.; A. Shleifer; L. Summers; and R. J. Waldmann. "Positive Feedback Investment Strate- gies and Destabilizing Rational Speculation." Journal of Finance, 45 (1990b), 379-395.
12. Derrien, F. "IPO Pricing in 'Hot' Market Conditions: Who Leaves Money on the Table?" Journal of Finance, 60 (2005), 487-521.
13. Deutsches Aktieninstitut (2003). Factbook 2002. Frankfurt am Main.
14. Eckbo, B. E., and O. Norli. "Liquidity Risk, Leverage and Long-Run IPO Returns." Journal of Corporate Finance, 11 (2005), 1-35.
15. Field, L. C, and G. Hanka. "The Expiration of IPO Share Lockups." Journal of Finance, 56 (2001), 471-500.
16. Geczy, C. C; D. K. Musto; and A. V. Reed. "Stocks are Special Too: An Analysis of the Equity Lending Market." Journal of Financial Economics, 66 (2002), 241-269.
17. Gerke, W., and R. Bosch. "Die Betreuer am Neuen Markt: Eine empirische Analyse (Designated Spon- sors in the Neuer Markt: En Empirical Analysis)." Working Paper, Center for Financial Studies, Frankfurt (2000).
18. Griffin, J. M.; J. H. Harris; and S. Topaloglu. "Why are IPO Investors Net Buyers Through Lead Underwriters?" Journal of Financial Economics, 85 (2007), 518-551.
19. Hoberg, G. "The Underwriter Persistence Phenomenon." Journal of Finance, 62 (2007), 1169-1206.
20. Jenkinson, T.; A. D. Morrison; and W. J. Wilhelm. "Why are European IPOs so Rarely Priced Outside the Indicative Price Range?" Journal of Financial Economics, 80 (2006), 185-209.
21. Ljungqvist, A. P.; V. Nanda; and R. Singh. "Hot Markets, Investor Sentiment, and IPO Pricing." Jour- nal of Business, 79 (2006), 1667-1702.
22. Löffler, G.; P. F. Panther; and E. Theissen. "Who Knows What When? The Information Content of Pre-IPO Market Prices." Journal of Financial Intermediation, 14 (2005), 466-484.
23. Lowry, M. "Why Does IPO Volume Fluctuate So Much?" Journal of Financial Economics, 67 (2003), 3-40. Megginson, W. L., and K. A. Weiss. "Venture Capital Certification in Initial Public Offerings." Journal of Finance, 46 (1991), 879-903.
24. Nowak, E., and A. Gropp. "Ist der Ablauf der Lock-Up-Frist Bei Neuemissionen ein Kursrelevantes Ereignis? Eine Empirische Analyse Von Unternehmen Des Neuen Marktes (Does the Expiration of the Lock-Up Period Matter for Stock Prices? An Empirical Analysis of Neuer Markt Stocks)." Zeitschriftfuer betriebswirtschaftliche Forschung, 54 (2002), 19-45.
25. Ofek, E., and M. Richardson. "DotCom Mania: The Rise and Fall of Internet Stock Prices." Journal of Finance, 58 (2003), 1113-1138.
26. Purnanandam, A. K., and B. Swaminathan. "Are IPOs Really Underpriced?" Review of Financial Studies, 17(2004), 811-848.
27. Rajan, R. G., and H. Servaes. "Analyst Following of Initial Public Offerings." Journal of Finance, 52 (1997), 507-529.
28. Ritter, J. R. "Differences between European and American IPO Markets." European Financial Man- agement, 9 (2003), 421-434.
29. Ritter, J., and I. Welch. "A Review of IPO Activity, Pricing and Allocations." Journal of Finance, 57 (2002), 1795-1828.
30. Shiller, R. J. "Initial Public Offerings: Investor Behavior and Underpricing." NBER Working Paper 2806(1988).
31. Thaler, R., and E. J. Johnson. "Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice." Management Science, 36 (1990), 643-660.
32. Van Steenis, H., and C. Ossig. "European Online Investor." JP Morgan Equity Research Report (2000).
33. Weiss, K. H. "The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon." Journal of Financial Economics, 34 (1993), 231-250.
34. Williams, R. "A Note on Robust Variance Estimation for Cluster-Correlated Data." Biometrics, 56 (2000), 645-646.