The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
The Persistence of IPO Mispricing and the Predictive Power of Flipping
Open accessAbstract
This paper examines underwriters' pricing errors and the information content of first‐day trading activity in IPOs. We show that first‐day winners continue to be winners over the first year, and first‐day dogs continue to be relative dogs. Exceptions are “extra‐hot” IPOs, which provide the worst future performance. We also demonstrate that large, supposedly informed, traders “flip” IPOs that perform the worst in the future. IPOs with low flipping generate abnormal returns of 1.5 percentage points per month over the first six months beginning on the third day. We show that flipping is predictable and conclude that underwriters' pricing errors are intentional.
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Cites
Common risk factors in the returns on stocks and bonds
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Judgment under Uncertainty: Heuristics and Biases
Tversky, A., & Kahneman, D. (1975) · Utility, Probability, and Human Decision Making · doi:10.1007/978-94-010-1834-0_8 · Cited by 22,650
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Judgment under Uncertainty: Heuristics and Biases
(1982) · doi:10.1017/cbo9780511809477 · Cited by 8,240
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
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
Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing
Shefrin, H. (2002) · doi:10.1093/0195161211.001.0001 · Cited by 527
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
- Krigman, L., Shaw, W. H., & Womack, K. L.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-06
- Volume
- 54
- Issue
- 3
- Pages
- 1015-1044
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125831525
- Cited by
- 393
- References
- 6
- FWCI
- 47.85
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Krigman, L., Shaw, W. H., & Womack, K. L. (1999). The Persistence of IPO Mispricing and the Predictive Power of Flipping. The Journal of Finance. https://doi.org/10.1111/0022-1082.00135
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
