IPO pricing in the dot-com bubble

Full metadata record

DC Field	Value	Language
dc.contributor.author	Ljungqvist, Alexander P.	-
dc.contributor.author	Wilhelm, William J. Jr.	-
dc.date.accessioned	2008-05-27T05:16:28Z	-
dc.date.available	2008-05-27T05:16:28Z	-
dc.date.issued	2002-02-08	-
dc.identifier.uri	http://hdl.handle.net/2451/26614	-
dc.description.abstract	IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behavior over the period which reduced key decision-makers’ incentives to control underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the preponderance of internet and high-tech firms going public. Our results suggest that it was firm characteristics that were unique during the “dot-com bubble” and that pricing behavior followed from incentives created by these characteristics.	en
dc.language.iso	en_US	en
dc.relation.ispartofseries	FIN-01-061	en
dc.subject	Initial public offerings	en
dc.subject	Underpricing; Intermediation	en
dc.subject	Internet	en
dc.subject	Hot issue markets	en
dc.title	IPO pricing in the dot-com bubble	en
dc.type	Working Paper	en
Appears in Collections:	Economics Working Papers

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