Investing in Security Price Informativeness: The Role of IPO Underpricing.
Firms can enhance the information content of their future stock prices by using underwriters to direct underpriced IPO allocations to information-producing investors. Sufficiently large allocations and the promise of future, profitable IPO participation provide incentives for investors to increase i...
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| Language: | English |
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ProQuest Dissertations & Theses,
2014.
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| 100 | 1 | |a Brown, David Clayton, |e author. | |
| 245 | 1 | 0 | |a Investing in Security Price Informativeness: The Role of IPO Underpricing. |
| 264 | 1 | |a Ann Arbor : |b ProQuest Dissertations & Theses, |c 2014. | |
| 300 | |a 1 electronic resource (295 pages) | ||
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| 500 | |a Source: Dissertation Abstracts International, Volume: 76-06(E), Section: A. | ||
| 500 | |a Advisors: John C. Leach Committee members: Bjorn Jorgensen; Nathalie Moyen; Mattias Nilsson; Jaime Zender. | ||
| 502 | |b Ph.D. |c University of Colorado at Boulder |d 2014. | ||
| 506 | |a This item must not be sold to any third party vendors. | ||
| 520 | |a Firms can enhance the information content of their future stock prices by using underwriters to direct underpriced IPO allocations to information-producing investors. Sufficiently large allocations and the promise of future, profitable IPO participation provide incentives for investors to increase information production after the IPO. Increasing underpricing strengthens these incentives, resulting in a more informative post-IPO price and higher firm value. Firms' desires for more informative post-IPO pricing lead to new rationales for IPO underpricing and the intermediating role of underwriters. Using significant changes in institutions' quarterly holdings to measure post-IPO information production, empirical tests provide support for the model's novel implications. | ||
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| 700 | 1 | |a Leach, John C., |e degree supervisor. | |
| 773 | 0 | |t Dissertation Abstracts International |g 76-06A(E) | |
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