Signalling in the Internet Craze of Initial Public Offerings
本文档由 enbook 分享于2010-11-03 01:12
In this paper we explain why many rms in particular industries, like the Internet industry in 1999, underprice new shares in initial public oerings (IPOs) and cause large subsequent gains in share prices. This clustering of underpriced IPOs is a self-ful lling phenomenon, which arises when rms use IPOs to signal their quality and when the industry´s product demand is..
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