Download or read book A Fully rational Liquidity based Theory of IPO Underpricing and Underperformance written by Matt Pritsker and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Fully rational Liquidity based Theory of IPO Underpricing and Underperformance written by Matthew Pritsker and published by . This book was released on 2006 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Finance and Economics Discussion Series written by Matthew Pritsker and published by Scholar's Choice. This book was released on 2015-02-16 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Download or read book A Theory of IPO Underpricing Issue Activity and Long Run Underperformance written by Ralph Bachmann and published by . This book was released on 2005 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present a dynamic model of an IPO market in which firms go public to raise capital for investment. The original shareholders have inside information with respect to the quality of their firm's investment opportunities, and they decide whether to go public, how much capital to raise and invest, and how to price the IPO. Outside investors are of one of two types: some investors know and understand even the not directly observable economic incentives of the original shareholders, whereas all other investors learn about the IPO market only from the publicly observable IPO market data. Market participation by the latter investors can upset the stationary rational equilibrium and give rise to a dynamic equilibrium that is characterized by: (1) IPO underpricing, (2) underperformance of IPO shares in the long run, and (3) cyclical variations in IPO volume. Learning investors upset the stationary equilibrium not because of ex ante unreasonable beliefs, but because they fail to condition their beliefs on variables that convey only redundant information in the stationary equilibrium. The model provides a joint explanation for the three empirically documented IPO market quot;anomalies,quot; and it yields a number of new testable empirical predictions.
Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.
Download or read book An Efficiency Perspective on the Gains from Mergers and Asset Purchases written by Sugata Ray and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Welfare maximizing Monetary Policy Under Parameter Uncertainty written by Rochelle Mary Edge and published by . This book was released on 2007 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines welfare-maximizing monetary policy in an estimated micro-founded general equilibrium model of the U.S. economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences and technology implies not only uncertainty about the dynamics of the economy. It also implies uncertainty about the model's utility-based welfare criterion and about the economy's natural rate measures of interest and output. We analyze the characteristics and performance of alternative monetary policy rules given the estimated uncertainty regarding parameter estimates. We find that the natural rates of interest and output are imprecisely estimated. We then show that, relative to the case of known parameters, optimal policy under parameter uncertainty responds less to natural-rate terms and more to other variables, such as price and wage inflation and measures of tightness or slack that do not depend on natural rates.
Download or read book The Effects of Past Entry Market Consolidation and Expansion by Incumbents on the Probability of Entry written by Robert M. Adams and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The U S Treasury Yield Curve written by Refet S. Gurkaynak and published by . This book was released on 2006 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Closer Look at the Sensitivity Puzzle written by Meredith Beechey and published by . This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rise and Fall of U S Inflation Persistence written by Meredith Beechey and published by . This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Imperfect Monitoring and the Discounting of Inside Money written by David C. Mills and published by . This book was released on 2007 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rational Seasonality written by Travis D. Nesmith and published by . This book was released on 2007 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Realized Jumps on Financial Markets and Predicting Credit Spreads written by George Eugene Tauchen and published by . This book was released on 2006 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper extends the jump detection method based on bi-power variation to identify realized jumps on financial markets and to estimate parametrically the jump intensity, mean, and variance. Finite sample evidence suggests that jump parameters can be accurately estimated and that the statistical inferences can be reliable, assuming that jumps are rare and large. Applications to equity market, treasury bond, and exchange rate reveal important differences in jump frequencies and volatilities across asset classes over time. For investment grade bond spread indices, the estimated jump volatility has more forecasting power than interest rate factors and volatility factors including option-implied volatility, with control for systematic risk factors. A market jump risk factor seems to capture the low frequency movements in credit spreads.
Download or read book A Primer on the Macroeconomic Implications of Population Aging written by Louise Sheiner and published by . This book was released on 2007 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk and Concentration in Payment and Securities Settlement Systems written by David C. Mills and published by . This book was released on 2007 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
