The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence
Abstract
We model owners as solving a multidimensional problem when taking their firms public. Owners can affect the level of underpricing through the choices they make in promoting an issue, such as which underwriter to hire or on what exchange to list. The benefits of reducing underpricing in this way depend on the owners’ participation in the offering and the magnitude of the dilution they suffer on retained shares. We argue that the extent to which owners trade off underpricing and promotion is determined by the minimization of their wealth losses. Evidence from a sample of U.S. initial public offering confirms our empirical predictions.
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Citations
Cites
Specification Tests in Econometrics
Hausman, J. A. (1978) · Econometrica · doi:10.2307/1913827 · Cited by 18,820
Cited by
Initial Public Offerings: An Analysis of Theory and Practice
BRAU, J. C., & FAWCETT, S. E. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00840.x · Cited by 837
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
Metadata
- Authors
- Habib, M. A., & Ljungqvist, A. P.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2001-04
- Volume
- 14
- Issue
- 2
- Pages
- 433-458
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123268005
- Cited by
- 568
- References
- 1
- FWCI
- 108.82
- Type
- journal article
- Language
- en
- Open access
- closed
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- Habib, M. A., & Ljungqvist, A. P. (2001). Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence. Review of Financial Studies. https://doi.org/10.1093/rfs/14.2.433
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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