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A direct test of Rock's model of the pricing of unseasoned issues

Опубликовано на портале: 26-10-2004
Journal of Financial Economics. 1989.  Vol. 23. No. 2. P. 251-272. 
Тематический раздел:
Unique data availability and institutional arrangements for new issues in Singapore allow a direct test of the empirical implications of Rock's model of pricing unseasoned new issues. Our empirical results are consistent with the model. Specifically we find that the unseasoned new issues' anomaly disappears when the rationing associated with new issues is incorporated into the analysis. The winner's curse is evident in allocation patterns used in Singapore.



Статья рекомендуется в учебной программе Financial Markets and Institutions (Bailey W.B.)

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текст статьи на сайте ScienceDirect:
http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VBX-45DMXKD-N&_user=10&_handle=W-WA-A-A-AW-MsSAYWW-UUA-AUCUDVAUUY-VABYWVCBZ-AW-U&_fmt=summary&_coverDate=08%2F31%2F1989&_rdoc=4&_orig=browse&_srch=%23toc%235938%231989%23999769997%23293477!&_cdi=5938&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=a7b49dd9c3a572811adcf478632d76e1
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