股票流动性和发行活动

IF 0.9 Q3 BUSINESS, FINANCE

Quarterly Journal of Finance Pub Date : 2022-08-12 DOI:10.1142/s2010139222500100

Alexander Barinov

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引用次数: 0

摘要

发行活动不会导致发行后流动性的提高。新股发行的流动性与同类非发行者一样。即使是那些被认为比其他新股更具流动性的新股(由风险资本支持的首次公开发行(ipo)、有高声望承销商的新股、价格严重低估的ipo)，其流动性也与其他类似发行人相同。因此，本文驳斥了现有的基于流动性的新问题解释。本文还表明，低-高周转率因子似乎只能解释新发行之谜和相关异常，因为它会增加波动风险。

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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Stock Liquidity and Issuing Activity

Issuing activity does not result in superior post-issue liquidity. New issues are just as liquid as their peer non-issuers. Even the kinds of new issues that are supposed to be more liquid than others (initial public offerings (IPOs) backed by venture capital, new issues with high-prestige underwriters, severely underpriced IPOs) have the same liquidity as other similar issuers. The paper thus refutes the existing liquidity-based explanations of the new issues puzzle. The paper also shows that the low-minus-high turnover factor seems to explain the new issues puzzle and related anomalies only because it picks up volatility risk.

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来源期刊

Quarterly Journal of Finance BUSINESS, FINANCE-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.