IPO pricing as a function of your investment banks' past mistakes: The case of Facebook
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jcorpfin.2016.02.003
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Bartling, Björn & Park, Andreas, 2010. "How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(2), pages 441-471, April.
- Tim Loughran & Jay R. Ritter, 2002. "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?," The Review of Financial Studies, Society for Financial Studies, vol. 15(2), pages 413-444, March.
- Céline Gondat‐Larralde & Kevin R. James, 2008. "IPO Pricing and Share Allocation: The Importance of Being Ignorant," Journal of Finance, American Finance Association, vol. 63(1), pages 449-478, February.
- Ljungqvist, Alexander P. & Wilhelm, William Jr., 2002.
"IPO allocations: discriminatory or discretionary?,"
Journal of Financial Economics, Elsevier, vol. 65(2), pages 167-201, August.
- William Wilhelm & Alexander Ljungqvist, 2001. "IPO Allocations: Discriminatory or Discretionary?," OFRC Working Papers Series 2001fe08, Oxford Financial Research Centre.
- Ljungqvist, Alexander & Wilhelm Jr, William J, 2001. "IPO Allocations: Discriminatory or Discretionary?," CEPR Discussion Papers 2855, C.E.P.R. Discussion Papers.
- William Wilhelm & Alexander Ljungqvist, 2001. "IPO Allocations: Discriminatory or Discretionary?," Economics Series Working Papers 2001-FE-08, University of Oxford, Department of Economics.
- Thomas J. Chemmanur & Gang Hu & Jiekun Huang, 2010. "The Role of Institutional Investors in Initial Public Offerings," The Review of Financial Studies, Society for Financial Studies, vol. 23(12), pages 4496-4540, December.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Chandler, Jeffrey A. & Payne, G. Tyge & Moore, Curt & Brigham, Keith H., 2019. "Family involvement signals in initial public offerings," Journal of Family Business Strategy, Elsevier, vol. 10(1), pages 8-16.
- James, Kevin R. & Valenzuela, Marcela, 2020. "The efficient IPO market hypothesis: theory and evidence," LSE Research Online Documents on Economics 104020, London School of Economics and Political Science, LSE Library.
- Richard Herron, 2022. "How Much Does Your Banker’s Target-Specific Experience Matter? Evidence from Target IPO Underwriters that Advise Acquirers," Journal of Financial Services Research, Springer;Western Finance Association, vol. 61(2), pages 217-258, April.
- James, Kevin R. & Valenzuela, Marcela, 2019. "The efficient IPO market hypothesis: theory and evidence," LSE Research Online Documents on Economics 118934, London School of Economics and Political Science, LSE Library.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Anderson, Christopher W. & Huang, Jian, 2017. "Institutional investment in IPOs and post-IPO M&A activity," Journal of Empirical Finance, Elsevier, vol. 41(C), pages 1-18.
- Nikolova, Stanislava & Wang, Liying & Wu, Juan (Julie), 2020. "Institutional allocations in the primary market for corporate bonds," Journal of Financial Economics, Elsevier, vol. 137(2), pages 470-490.
- Śliwiński Paweł & Ablewski Szymon & Gemra Kamil & Łukowski Michał, 2022. "Where is the missing value? Evidence from the game industry IPOs underpricing in Poland," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(4), pages 335-350, December.
- Alexander Ljungqvist & William J. Wilhelm, 2003.
"IPO Pricing in the Dot‐com Bubble,"
Journal of Finance, American Finance Association, vol. 58(2), pages 723-752, April.
- Ljungqvist, Alexander & Wilhelm Jr, William J, 2002. "IPO Pricing in the dot-com Bubble," CEPR Discussion Papers 3314, C.E.P.R. Discussion Papers.
- William J. Wilhelm & Alexander Ljungqvist, 2002. "IPO Pricing in the Dot-com Bubble," OFRC Working Papers Series 2002fe07, Oxford Financial Research Centre.
- William Wilhelm & Alexander Ljungqvist, 2002. "IPO Pricing in the Dot-com Bubble," Economics Series Working Papers 2002-FE-07, University of Oxford, Department of Economics.
- He, Jingbin & Ma, Xinru & Liao, Jingchi, 2021. "Preference for bid time in hybrid auctioned IPOs: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 57(C).
- Jay R. Ritter & Ivo Welch, 2002.
"A Review of IPO Activity, Pricing, and Allocations,"
Journal of Finance, American Finance Association, vol. 57(4), pages 1795-1828, August.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," NBER Working Papers 8805, National Bureau of Economic Research, Inc.
- Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
- Sherman, Ann E. & Titman, Sheridan, 2002.
"Building the IPO order book: underpricing and participation limits with costly information,"
Journal of Financial Economics, Elsevier, vol. 65(1), pages 3-29, July.
- Ann E. Sherman & Sheridan Titman, 2000. "Building the IPO Order Book: Underpricing and Participation Limits With Costly Information," NBER Working Papers 7786, National Bureau of Economic Research, Inc.
- Reena Aggarwal & Nagpurnanand R. Prabhala & Manju Puri, 2002.
"Institutional Allocation in Initial Public Offerings: Empirical Evidence,"
Journal of Finance, American Finance Association, vol. 57(3), pages 1421-1442, June.
- Reena Aggarwal & Nagpurnanand R. Prabhala & Manju Puri, 2002. "Institutional Allocation In Initial Public Offerings: Empirical Evidence," NBER Working Papers 9070, National Bureau of Economic Research, Inc.
- Aggrawal, Reena & Prabhala, Nagpurnanand & Puri, Manju, 2002. "Institutional Allocation in Initial Public Offerings: Empirical Evidence," Research Papers 1747, Stanford University, Graduate School of Business.
- Riccardo Ferretti & Antonio Meles, 2010.
"Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs,"
Venture Capital, Taylor & Francis Journals, vol. 13(1), pages 23-47, September.
- Riccardo Ferretti & Antonio Meles, 2011. "Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0026, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
- Jay R. Ritter, 2003. "Differences between European and American IPO Markets," European Financial Management, European Financial Management Association, vol. 9(4), pages 421-434, December.
- Pons-Sanz, Vicente, 2005. "Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings," Working Paper Series 428, European Central Bank.
- Alex Stomper & Pegaret Pichler, 2004. "Primary Market Design: Direct Mechanisms and Markets," Working Papers 2004.9, Fondazione Eni Enrico Mattei.
- Aussenegg, Wolfgang & Pichler, Pegaret & Stomper, Alex, 2006.
"IPO Pricing with Bookbuilding and a When-Issued Market,"
Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 41(4), pages 829-862, December.
- Alex Stomper & Wolfgang Aussenegg & Pegaret Pichler, 2004. "IPO Pricing with Bookbuilding and a When-Issued Market," Working Papers 2004.8, Fondazione Eni Enrico Mattei.
- Ljungqvist, Alexander, 2003. "Conflicts of Interest and Efficient Contracting in IPOs," CEPR Discussion Papers 4163, C.E.P.R. Discussion Papers.
- Patrick M. Corrigan, 2022. "Does an initial public offering (IPO) issuer's Securities and Exchange Commission registration fee calculation method predict pricing revisions and IPO underpricing?," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 19(4), pages 1114-1147, December.
- Alexander Ljungqvist & Vikram Nanda & Rajdeep Singh, 2006.
"Hot Markets, Investor Sentiment, and IPO Pricing,"
The Journal of Business, University of Chicago Press, vol. 79(4), pages 1667-1702, July.
- Ljungqvist, Alexander & nanda, vikram & Singh, Rajdeep, 2001. "Hot Markets, Investor Sentiment and IPO Pricing," CEPR Discussion Papers 3053, C.E.P.R. Discussion Papers.
- Pukthuanthong, Kuntara, 2006. "Underwriter learning about unfamiliar firms: Evidence from the history of biotech IPOS," Journal of Financial Markets, Elsevier, vol. 9(4), pages 366-407, November.
- Wenbo Ma & Xinjie Wang & Yuan Wang & Ge Wu, 2021. "Measuring misleading information in IPO prospectuses," Review of Quantitative Finance and Accounting, Springer, vol. 57(3), pages 819-843, October.
- Giannetti, Mariassunta & Yu, Xiaoyun, 2007.
"Favouritism or Markets in Capital Allocation?,"
CEPR Discussion Papers
6124, C.E.P.R. Discussion Papers.
- Giannetti, Mariassunta & Yu, Xiaoyun, 2007. "Favoritism or Markets in Capital Allocation?," SIFR Research Report Series 50, Institute for Financial Research.
- Fabio Bertoni & Matteo Bonaventura & Giancarlo Giudici, 2013. "The allotment of IPO shares: placing strategies between retail versus institutional investors," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 10, pages 207-218, Edward Elgar Publishing.
More about this item
Keywords
IPOs; Underpricing; Money on the table;All these keywords.
JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:corfin:v:38:y:2016:i:c:p:335-344. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jcorpfin .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.