The Joint Decision to Signal through IPO Underpricing and Lockup
學年 98
學期 1
出版（發表）日期 2009-09-15
作品名稱 The Joint Decision to Signal through IPO Underpricing and Lockup
作品名稱（其他語言）
著者 Chih-Jen Huang; C.J. Huang; T.L. Liao
單位
出版者
著錄名稱、卷期、頁數 Applied Economics Letters, vol.17, 955-961
摘要 Before Initial Public Offerings (IPOs), the decisions on the offering price and lockup are made simultaneously. This study examines the endogenous relation between underpricing and lockup duration. We adopt the three-stage least square method to estimate a set of the simultaneous equations model, including the inverse Mill's ratio to correct the self-selective bias into the use of lockup. The results indicate a negative association between underpricing and the length of lockup, supporting our signalling hypothesis that IPO firms and underwriters employ underpricing and lockup duration in a substituted way to signal the firm quality. The bivariate analysis provides further support for this view. Our findings offer new insights into how pre-IPO shareholders and underwriters might combine both the underpricing and lockup strategies to signal.
關鍵字
語言 en
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 否
國別 USA
公開徵稿
出版型式 ,電子版,紙本
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