Associate Professor of Finance and Research Assistant, respectively, Graduate School of Business, Stanford University. The authors wish to thank Prof. William F. Sharpe for helpful comments and Mr. William J. Stocklin for his programming assistance. Support for this research was provided in part by the Dean Witter Foundation. 1. For general discussion of the pricing of new issues, see Report of the Special Study of the Securities Markets of the Securities and Exchange Commission, 88th Congress, House Document 95, 1963 (Washington, D.C.: Government Printing Office, 1963) Part 1, pp. 487-533, subsequently criticized by George J. Stigler, âPublic Regulation of the Securities Markets,â The Journal of Business, XXXVII (April 1964) pp. 117-142. See also Irwin Friend, James R. Longstreet, Morris Mendleson, es Erwin Miller and Arleigh D. Hs,Jr., Investment Banking and the New Zssues Market (Cleveland: World Publishing Co.) 1967. 2. For a discussion of the adjustment process in efficient markets see, for example, Eugene F. Fama, âEfficient Capital Markets: A Review of Theory and Empirical Work,â Journal of Finance, XXV (May 1970), pp. 383-417. 3. Frank K.Reilly and Kenneth Hatfield, âInvestor Experience w t New Stock Issues,â Financial ih Anulysts Journal, XXV (September-October 1969), pp. 73-80. The Journal
The Journal of Finance – Wiley
Published: Mar 1, 1972
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