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dc.contributor.authorBouzouita, Nesrine*
dc.contributor.authorGajewski, Jean-François*
dc.contributor.authorGresse, Carole*
dc.date.accessioned2012-04-05T14:05:02Z
dc.date.available2012-04-05T14:05:02Z
dc.date.issued2015
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/8776
dc.language.isoenen
dc.subjectIPOen
dc.subjectOwnership structureen
dc.subjectInitial underpricingen
dc.subjectInformation asymmetryen
dc.subjectPost-listing liquidityen
dc.subject.ddc658.1en
dc.subject.classificationjelG.G1.G14en
dc.subject.classificationjelG.G3.G32en
dc.subject.classificationjelG.G1.G12en
dc.titleLiquidity Benefits from IPO Underpricing : Ownership Dispersion or Information Effecten
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité de Savoie
dc.description.abstractenOur 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.isversionofjnlnameFinancial Management
dc.relation.isversionofjnlvol44
dc.relation.isversionofjnlissue4
dc.relation.isversionofjnldate2015
dc.relation.isversionofjnlpages785-810
dc.relation.isversionofdoi10.1111/fima.12085
dc.contributor.countryeditoruniversityotherFrance
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherWiley
dc.subject.ddclabelOrganisation et finances d'entrepriseen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
hal.person.labIds1032*
hal.person.labIds432899*
hal.person.labIds1032*
hal.identifierhal-01632510*


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