IPO Underpricing Over the Very Long Run
IPO Underpricing Over the Very Long Run
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DOI：
10.1111/j.1540-6261.2009.01468.x
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发表时间：
2009-03
期刊：
影响因子：
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通讯作者：
D. Chambers;E. Dimson
中科院分区：
文献类型：
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作者：
D. Chambers;E. Dimson
衡量首次公开发行（IPO）市场效率的一个核心指标是发行价格被低估的程度。我们提出了新的和全面的证据，涵盖英国首次公开募股自第一次世界大战以来。在1917年至1945年期间，公开发行的股票价格平均偏低3.80%，而在1946年至1986年期间则为9.15%，在英国之后甚至更高。股票市场在1986年被解除管制。第二次世界大战后抑价率的上升不能归因于公司构成的变化，尽管监管、披露和IPO承销商的声誉有所改善，抑价率还是上升了。
A central measure of the efficiency of the Initial Public Offering (IPO) market is the extent to which issues are underpriced. We present new and comprehensive evidence covering British IPOs since World War I. During the period from 1917 to 1945, public offers were underpriced by an average of only 3.80%, as compared to 9.15% in the period from 1946 to 1986, and even more after the U.K. stock market was deregulated in 1986. The post‐WWII rise in underpricing cannot be attributed to changes in firm composition, and occurred in spite of improvements in regulation, disclosure, and the prestige of IPO underwriters.