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Aggarwal And Conroy-Price Discovery In Initial Public Offerings And The Role Of The Lead Underwri

Aggarwal And Conroy-Price Discovery In Initial Public Offerings And The Role Of The Lead Underwri
Aggarwal And Conroy-Price Discovery In Initial Public Offerings And The Role Of The Lead Underwri

Conroy-Price We examine the price discovery process of initial public offerings ~IPOs! using a unique dataset. The first quote entered by the lead underwriter in the five-minute preopening window explains a large roportion of initial returns even for hot IPOs. Significant learning and price scovery continues to take place during ese five minutes with hundreds of quotes being entered. […]

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There is a strong positive relationship betweeninitial returns and the time of day when trading starts in an IPO

Conroy-Price

We examine the price discovery process of initial public offerings ~IPOs! using a unique dataset. The first quote entered by the lead underwriter in the five-minute preopening window explains a large roportion of initial returns even for hot IPOs. Significant learning and price scovery continues to take place during ese five minutes with hundreds of quotes being entered. The lead underwriter bserves thequoting behavior of ther market makers, particularly the wholesalers, and accordinglyrevises his own uotes. There is a strong positive relationship betweeninitial returns and the time of day when trading starts in an IPO

Conroy-Price exnes

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  • عنوان مقاله : ...Aggarwal And Conroy-Price Discovery In
  • نوع فایل : PDF
  • حجم فایل : 160 کیلوبایت

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