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An analysis of new stock issues in Denmark

Author

Listed:
  • Christensen, John
  • Sörensen, Bjarne G.

Abstract

In this paper the results of an analysis of the price behaviour in the period immediately after initial public offerings are reported. The specific purpose of this study was to test whether the market can set suitable prices for new stocks instantaneously after the settling, or whether systematically over- or underpricing of new stocks can be observed. The empirical analysis reveals that there seem to be abnormal returns associated with the public offerings. It is not possible to explain this in terms of the general market behaviour. To seek an explanation of the observed behaviour of returns, a bidding model is discussed.

Suggested Citation

  • Christensen, John & Sörensen, Bjarne G., 1991. "An analysis of new stock issues in Denmark," Scandinavian Journal of Management, Elsevier, vol. 7(2), pages 123-136.
    • Handle: RePEc:eee:scaman:v:7:y:1991:i:2:p:123-136
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    Cited by:

    1. Claude Laurin & Anthony E. Boardman & Aidan R. Vining, 2004. "Government Underpricing of Share‐Issue Privatizations," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 75(3), pages 399-429, September.

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