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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