Determinants of IPO Overpricing

IF 4.5 2区管理学 Q1 BUSINESS

British Journal of Management Pub Date : 2024-08-12 DOI:10.1111/1467-8551.12858

Jacqueline Rossovski, Brian Lucey, Pia Helbing

引用次数: 0

Abstract

This paper outlines the phenomenon of negative first‐day IPO returns. Using a comprehensive sample of IPOs in the United States between 2000 and 2020, we find that 21.61% exhibit negative first‐day returns, making this a common feature of the US IPO market. The key findings show that the IPO mechanism is important. A larger deal size and proportion of over‐allotment shares reduces the probability of IPO overpricing, while downward offer price adjustments increase the likelihood of negative first‐day returns. Despite distinct differences, the analysis reveals shared characteristics between IPO underpricing and overpricing, providing nuanced insights into IPO pricing. Neither market timing nor agency issues significantly affect IPO overpricing.

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IPO 定价过高的决定因素

本文概述了 IPO 首日负收益的现象。通过对 2000 年至 2020 年间美国 IPO 的全面抽样调查，我们发现 21.61% 的 IPO 表现出首日负收益，这也是美国 IPO 市场的一个普遍特征。主要研究结果表明，IPO 机制非常重要。较大的交易规模和超额配售股份比例会降低 IPO 定价过高的概率，而向下调整发行价则会增加首日负回报的可能性。尽管存在明显差异，但分析揭示了 IPO 定价过低和定价过高之间的共同特征，为 IPO 定价提供了细致入微的见解。市场时机和代理问题都不会对首次公开发行定价过高产生重大影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Journal of Management Multiple-

CiteScore

10.00

自引率

12.50%

发文量

期刊介绍： The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.