NEW‐ISSUE STOCK PRICE BEHAVIOR

NEW‐ISSUE STOCK PRICE BEHAVIOR 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, “Public Regulation of the Securities Markets,” 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, “Efficient Capital Markets: A Review of Theory and Empirical Work,” Journal of Finance, XXV (May 1970), pp. 383-417. 3. Frank K.Reilly and Kenneth Hatfield, “Investor Experience w t New Stock Issues,” Financial ih Anulysts Journal, XXV (September-October 1969), pp. 73-80. The Journal http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Finance Wiley

NEW‐ISSUE STOCK PRICE BEHAVIOR

The Journal of Finance, Volume 27 (1) – Mar 1, 1972

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Publisher
Wiley
Copyright
1972 The American Finance Association
ISSN
0022-1082
eISSN
1540-6261
DOI
10.1111/j.1540-6261.1972.tb00624.x
Publisher site
See Article on Publisher Site

Abstract

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, “Public Regulation of the Securities Markets,” 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, “Efficient Capital Markets: A Review of Theory and Empirical Work,” Journal of Finance, XXV (May 1970), pp. 383-417. 3. Frank K.Reilly and Kenneth Hatfield, “Investor Experience w t New Stock Issues,” Financial ih Anulysts Journal, XXV (September-October 1969), pp. 73-80. The Journal

Journal

The Journal of FinanceWiley

Published: Mar 1, 1972

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