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They include the Investment Corporation, company employees, and institutional investors.
Apart from a handful of firms, the articles provide inadequate or incomplete information in their prospectuses. I can acquire essential data for purposes of my estimation in my research. The magnitude of under-pricing is estimated at different levels in the secondary markets. For all the articles, the degree of under-pricing appears to be high than the degree of average pricing at different intervals. When an IPO is selling as per the premium public information, it implies that there will be a high demand for its shares and initial allotment in the secondary market. Clearly, these articles will be of utter importance in the course of my research study (Quayes & Hasan, 2008).
These articles provide an empirical base for my research in the markets for new IPOs in Tokyo, Shanghai, New York, and London. The articles have used different samples to present a comprehensive analysis of short-run under-pricing IPOs in Tokyo, Shanghai, New York, and London. They attempt to establish the elements contributing to under-pricing...
In my opinion, these articles attempt to diagnose the under-pricing phenomenon in Tokyo, Shanghai, New York, and London. Using samples of emerging issues in the temporary stock market boom of early 90s, the authors demonstrate that foreign anticipation and increased ownership stake reduce the degree of under-pricing of IPOs. Additionally, sales have had an adverse impact on under-pricing as volatility made positive impacts on under-pricing. While all the articles reinforce priori expectations, they have failed to investigate salient factors because of dearth of data available.
References
Dharmapala, D. & Desai, M. (2010). Do strong fences make strong neighbors? 63(4 part 1), 723-740
Quayes, S. & Hasan, T. (2008). Does dual listing affect underpricing of initial public offering? Evidence from Bangladesh capital market. 4 (5-8).
Ramchand, L., Chaplinsky, S. & Bruner, R. (2009). U.S.-Bound IPOs: issue costs and selective entry. University Park, Pa: Pennsylvania State University Press.
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