Access the full text.
Sign up today, get DeepDyve free for 14 days.
M. Harris, A. Raviv (1993)
Differences of Opinion Make a Horse RaceReview of Financial Studies, 6
H. Varian (1985)
Divergence of Opinion in Complete Markets: A NoteJournal of Finance, 40
L. Field, Gordon Hanka (2000)
The Expiration of IPO Share LockupsCorporate Law: Securities Law eJournal
C. James, Peggy Wier (1990)
Borrowing relationships, intermediation, and the cost of issuing public securitiesJournal of Financial Economics, 28
T Houge, T Loughran, G Suchanek, X Yan (2001)
Divergence of opinion, uncertainty, and the quality of initial public offeringsFinanc Manag, 30
S. Teoh, I. Welch, T. Wong (1998)
Earnings Management and the Long-Run Market Performance of Initial Public OfferingsJournal of Finance, 53
I. Welch (1992)
Sequential Sales, Learning, and CascadesJournal of Finance, 47
A. Subrahmanyam, S. Titman (1999)
The Going‐Public Decision and the Development of Financial MarketsJournal of Finance, 54
H. Varian (1989)
Differences of Opinion in Financial Markets
Courtenay Stone (1989)
Financial risk : theory, evidence and implications : proceedings of the Eleventh Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis
K Hanley (1993)
The underpricing of initial public offerings and the partial adjustment phenomenonJ Financ Econ, 34
G Akerlof (1970)
The market for ‘lemmons’: quality and the market mechanismQ J Econ, 84
S. Morris (1996)
Speculative Investor Behavior and LearningQuarterly Journal of Economics, 111
D. Baron (1982)
A Model of the Demand for Investment Banking Advising and Distribution Services for New IssuesJournal of Finance, 37
P. Schultz (2003)
Pseudo Market Timing and the Long-Run Underperformance of IPOsJournal of Finance, 58
Tim Loughran, J. Ritter, Kristian Rydqvist (1994)
Initial public offerings: International insightsPacific-basin Finance Journal, 2
Kevin Rock (1986)
Why new issues are underpricedJournal of Financial Economics, 15
E. Miller (1977)
Risk, Uncertainty, and Divergence of OpinionJournal of Finance, 32
Dongwei Su (2003)
The Underpricing of Initial Public Offerings
Bradford Jordan, Daniel Bradley, Ivan Roten, Ha-Chin Yi (2001)
Venture Capital and IPO Lockup Expiration: An Empirical AnalysisS&P Global Market Intelligence Research Paper Series
J. Ritter (1984)
The "Hot Issue" Market of 1980The Journal of Business, 57
Tim Loughran, J. Ritter (2000)
Why Don't Issuers Get Upset About Leaving Money on the Table in Ipos?Journal of Financial Abstracts eJournal
Yan Gao, Connie Mao, Rui Zhong (2006)
Divergence of Opinion and Long-Term Performance of Initial Public OfferingsJournal of Financial Research, 29
Lee Nelson (2002)
Persistence and Reversal in Herd Behavior: Theory and Application to the Decision to Go PublicReview of Financial Studies, 15
Lawrence Benveniste, P. Spindt (1989)
How investment bankers determine the offer price and allocation of new issuesJournal of Financial Economics, 24
James Booth, Richard Smith (1986)
Capital raising, underwriting and the certification hypothesisJournal of Financial Economics, 15
L Field, G Hanka (2001)
The expiration of IPO share lockupsJ Finance, 56
George Akerlof (1970)
The Market for “Lemons”: Quality Uncertainty and the Market MechanismQuarterly Journal of Economics, 84
D Bradley, B Jordan, I Roten, H Yi (2001)
Venture capital and IPO lockup expiration: an empirical analysisJ Financ Res, 24
Daniel Bradley, Bradford Jordan (2002)
Partial Adjustment to Public Information and IPO UnderpricingJournal of Financial and Quantitative Analysis, 37
R. Ibbotson (1975)
Price performance of common stock new issuesJournal of Financial Economics, 2
D. Logue (1973)
ON THE PRICING OF UNSEASONED EQUITY ISSUES: 1965-1969Journal of Financial and Quantitative Analysis, 8
Daniel Bradley, Bradford Jordan, J. Ritter (2003)
The Quiet Period Goes out with a BangJournal of Finance, 58
Randolph Beatty, J. Ritter (1986)
INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS*Journal of Financial Economics, 15
J. Scheinkman, Wei Xiong (2003)
Overconfidence and Speculative BubblesJournal of Political Economy, 111
Todd Houge, Tim Loughran, Xuemin Yan, G. Suchanek (2001)
Divergence of Opinion, Uncertainty, and the Quality of Initial Public OfferingsCapital Markets eJournal
Tim Loughran, J. Ritter (1995)
The New Issues PuzzleJournal of Finance, 50
F. Derrien (2005)
IPO Pricing in “Hot” Market Conditions: Who Leaves Money on the Table?Journal of Finance, 60
Harrison Hong, J. Stein (2003)
Differences of Opinion, Short-Sales Constraints, and Market CrashesReview of Financial Studies, 16
J. Ritter (1991)
The Long-Run Performance of Initial Public OfferingsJournal of Finance, 46
I. Welch (1989)
Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public OfferingsJournal of Finance, 44
B. Biais, C. Gollier (1997)
Trade Credit and Credit RationingReview of Financial Studies, 10
Alexander Ljungqvist, Rajdeep Singh, Vikram Nanda (2001)
Hot Markets, Investor Sentiment, and IPO PricingERPN: Exits (Topic)
Alon Brav, Paul Gompers (2003)
The Role of Lockups in Initial Public OfferingsReview of Financial Studies, 16
Vojislav Maksimovic, Pegaret Pichler (2000)
Technological Innovation and Initial Public OfferingsD'Amore-McKim: Finance (Topic)
Tim Loughran, J. Ritter (2002)
Why Has IPO Underpricing Changed Over Time?Financial Management
R. Ibbotson, J. Jaffe (1975)
"Hot Issue" MarketsJournal of Finance, 30
Thomas Chemmanur, P. Fulghieri (1999)
A Theory of the Going-Public DecisionReview of Financial Studies, 12
Alexander Ljungqvist, W. Wilhelm (2001)
IPO Pricing in the Dot-Com Bubble: Complacency or IncentivesIRPN: Innovation & Finance (Topic)
T Loughran, J Ritter (2002)
Why don’t issuers get upset about leaving money on the table in IPOs?Rev Financ Stud, 15
Michael Cliff, David Denis (2004)
Do Initial Public Offering Firms Purchase Analyst Coverage with UnderpricingJournal of Finance, 59
S. Teoh, C. Hwang (1990)
Non-disclosure and Adverse Disclosure as Signals of Firm ValueThe Finance
A Ljungqvist, WJ Wilhelm (2003)
IPO pricing in the dot-com bubbleJ Finance, 58
Richard Carter, Steven Manaster (1990)
Initial Public Offerings and Underwriter ReputationJournal of Finance, 45
R. Aumann (2020)
EXISTENCE OF COMPETITIVE EQUILIBRIA IN MARKETS WITH A CONTINUUM OF TRADERSClassics in Game Theory
Jean Helwege, Nellie Liang, Peter Antunovich, Walid Busaba, M. Fleming, D. Ikenberry, J. Jindra, Kose John, Frank Packer, Katherine Spiess, René Stulz, Kyle Nagel, Phil Imus, Eric Richards, Kevin Cole, K. Cheng, Vhan Tran, Nicole Boyson, Lizy Mathai (2004)
Initial Public Offerings in Hot and Cold MarketsJournal of Financial and Quantitative Analysis, 39
This article analyzes several IPO patterns in the framework of divergence of opinion. Considering a new industry with few publicly traded companies, the investors in this IPO market do not initially have complete knowledge about the industry, but may learn from other IPOs in the sector. Our model shows that the equilibrium is consistent with empirical evidence documented for IPO underpricing and hot issue markets. We also characterize the association between share overhang, trading volume, and IPO prices. Furthermore, we discuss the decision of going public, analyst coverage, and IPO lockup expiration in the presence of divergent opinions.
Review of Quantitative Finance and Accounting – Springer Journals
Published: May 13, 2009
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.