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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17809| Title: | Underpricing and Index Excess Returns |
| Keywords: | N24 G14 ddc:330 underpricing index excess returns IT firms Börsenkurs Wertpapieremission Kapitalertrag Aktienindex Neuer Markt Schätzung Theorie Deutschland Frankreich Sekundärmarkt |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | We study the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets. We use a theoretical model to argue that underpricing of IPOs raises investors? attention and, thereby, triggers investments in secondary markets. Our theoretical model implies that such investments should give rise to positive index excess returns in secondary markets. The results of our empirical tests, based on a dataset of stocks from the Neuer Markt and the Nouveau Marché, are in line with the implication of our theoretical model. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17809 |
| Other Identifiers: | http://hdl.handle.net/10419/17809 ppn:502755326 |
| Appears in Collections: | EconStor |
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