Determinants of IPO Underpricing: Evidence from the US Market

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TAN, FEI (2014) Determinants of IPO Underpricing: Evidence from the US Market. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

Abstract

The underpricing has been one of the most popular research topics in the last four decades. Lots of researchers try to explain it through different theories. Also, empirical studies are carried out to find the determinants of underpricing. In this study, a sample of 315 US IPOs between 2007 and 2012 in the industries of technology, basic material, financial service, industrial, energy and utilities are selected to study the determinants of underpricing in the US market in that period. The average underpricing level is founded to be about 8%. Additionally, offering price, cold issue market, and time interval time interval between announcement date are found to be significantly negative related to the underpricing, while the offering size and insider holding are significantly positively related to the underpricing.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 12 Nov 2014 09:04
Last Modified: 19 Oct 2017 14:05
URI: https://eprints.nottingham.ac.uk/id/eprint/27485

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