The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Initial Public Offerings in Hot and Cold Markets
Abstract
The literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock returns reflect their poor quality. We compare IPOs over cycles during 1975–2000 and find that hot and cold IPO markets do not differ so much in the characteristics of the firms that go public as in the quantity of firms that go public. Both hot and cold IPOs are largely concentrated in the same narrow set of industries and they have few distinctions in profits, age, or growth potential. Our results suggest that hot markets are not driven primarily by changes in adverse selection costs, managerial opportunism, or technological innovations, but more likely reflect greater investor optimism.
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Citations
Cites
Improved Methods for Tests of Long‐Run Abnormal Stock Returns
Lyon, J. D., Barber, B. M., & Tsai, C. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00101 · Cited by 1,828
Cited by
A Review of IPO Activity, Pricing and Allocations
Ritter, J. R., & Welch, I. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.296393 · Cited by 466
Corporate Governance and Investors' Perceptions of Foreign IPO Value: An Institutional Perspective
Bell, R. G., Filatotchev, I., & Aguilera, R. V. (2014) · Academy of Management Journal · doi:10.5465/amj.2011.0146 · Cited by 429
PÁSTOR, Ľ., & VERONESI, P. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.00778.x · Cited by 420
Metadata
- Authors
- Helwege, J., & Liang, N.
- Venue
- Journal of Financial and Quantitative Analysis
- Publisher
- Cambridge University Press (CUP)
- Published
- 2004-09
- Volume
- 39
- Issue
- 3
- Pages
- 541-569
- ISSN
- 0022-1090 (ISSN-L)
- 1756-6916
- OpenAlex
- W2096087337
- Cited by
- 400
- References
- 1
- FWCI
- 27.86
- Type
- journal article
- Language
- en
- Open access
- closed
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- Helwege, J., & Liang, N. (2004). Initial Public Offerings in Hot and Cold Markets. Journal of Financial and Quantitative Analysis. https://doi.org/10.1017/s0022109000004026
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
