| dc.contributor.author | Bouzouita, Nesrine | * |
| dc.contributor.author | Gajewski, Jean-François | * |
| dc.contributor.author | Gresse, Carole | * |
| dc.date.accessioned | 2012-04-05T14:05:02Z | |
| dc.date.available | 2012-04-05T14:05:02Z | |
| dc.date.issued | 2015 | |
| dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/8776 | |
| dc.language.iso | en | en |
| dc.subject | IPO | en |
| dc.subject | Ownership structure | en |
| dc.subject | Initial underpricing | en |
| dc.subject | Information asymmetry | en |
| dc.subject | Post-listing liquidity | en |
| dc.subject.ddc | 658.1 | en |
| dc.subject.classificationjel | G.G1.G14 | en |
| dc.subject.classificationjel | G.G3.G32 | en |
| dc.subject.classificationjel | G.G1.G12 | en |
| dc.title | Liquidity Benefits from IPO Underpricing : Ownership Dispersion or Information Effect | en |
| dc.type | Article accepté pour publication ou publié | |
| dc.contributor.editoruniversityother | Université de Savoie | |
| dc.description.abstracten | Our study investigates by which channels IPO underpricing impacts post-listing liquidity. Using a sample of IPOs undertaken on Euronext with diverse mechanisms, we show that when ownership structure is not influenced by initial underpricing, this underpricing still has a positive impact on aftermarket liquidity by a virtuous cycle related to analyst coverage.
The analyst coverage purchased by initial underpricing reduces information asymmetry costs
and illiquidity in the secondary market. The public information produced by analysts has a
statistically more significant impact on adverse selection costs than on the proportion of
informed traders in the market. | |
| dc.relation.isversionofjnlname | Financial Management | |
| dc.relation.isversionofjnlvol | 44 | |
| dc.relation.isversionofjnlissue | 4 | |
| dc.relation.isversionofjnldate | 2015 | |
| dc.relation.isversionofjnlpages | 785-810 | |
| dc.relation.isversionofdoi | 10.1111/fima.12085 | |
| dc.contributor.countryeditoruniversityother | France | |
| dc.description.sponsorshipprivate | oui | en |
| dc.relation.isversionofjnlpublisher | Wiley | |
| dc.subject.ddclabel | Organisation et finances d'entreprise | en |
| dc.description.halcandidate | oui | |
| dc.description.readership | recherche | |
| dc.description.audience | International | |
| hal.person.labIds | 1032 | * |
| hal.person.labIds | 432899 | * |
| hal.person.labIds | 1032 | * |
| hal.identifier | hal-01632510 | * |
