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A Note on the Pricing of IPOs

Författare:
Redaktör:
  • Eric Maskin (Professor)
Publiceringsår: 2010
Språk: Engelska
Sidor: 105-107
Publikation/Tidskrift/Serie: Economics Letters
Volym: 106
Nummer: 2
Dokumenttyp: Artikel
Förlag: Elsevier

Sammanfattning

This paper studies the pricing of IPOs in a tractable model in which an investment bank faces some investors with superior information. We show how this can lead to underpricing and, based on our model, we make a number of empirical predictions.

Disputation

Nyckelord

  • Business and Economics
  • Risk aversion
  • Monopoly pricing
  • IPO underpricing
  • Fixed-price auction

Övriga

Published
Yes
  • ISSN: 0165-1765

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