Modelling the Behaviour of the New Issue Market
This paper analyses the time-series behaviour of the new issue market in the context of an equilibrium model of demand and supply for IPOs. The model produces testable equations examining the relationship between the number of new issues and the average level of under-pricing, and also incorporates the impact of general market conditions. The model proposes that, first, serial correlation will be evident in both the number of new issues and the average level of under-pricing. Second, market...[Show more]
|Collections||ANU Research Publications|
|Source:||International Review of Financial Analysis|
|WorkingPaper00-13.pdf||145.7 kB||Adobe PDF|
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