Underpricing of Banks in Intermediary-Oriented Marketplaces: A Test of Baron’s Model on the Italian Market

Soana, Maria Gaia; Regalli, Massimo

doi:10.2139/ssrn.1729807

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2015

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“…by Bessler and Kurth (2007) Various studies have also concentrated on the theoretical explanations of underpricing. According to Soana and Regalli (2010) the reasons can be fundamentally seperated into four different categories: (i) aversion to risk on the part of the placement participants, (ii) the existence of information asymmetries, (iii) signaling and certification requirements with regard to the securities, (iv) price support activities.…”

Section: ~ 3 ~mentioning

confidence: 99%

Global Growth from an Investor’s Point of View - Initial Public Offerings in the Fashion and Accessories Industry

Meinshausen¹,

Schiereck

Flore³

2015

JBM

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In this paper we analyze the long-run stock price performance of 207 initial public offerings in the fashion and leather accessories industry between 1990 and 2007. We find a highly significant underperformance of IPO stocks compared to corresponding benchmark indices. Cross-sectional regression analysis reveals that underperformance is mainly driven by offerings of smaller, less mature companies that are not taken public by a prestigious underwriter. Nevertheless, we also find that fashion IPO firms experience a considerable reduction in their systematic risk exposure due to the realization of real options which helps to explain at least part of their seemingly poor stock price performance.JEL Classifications: D53, G32, L67

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confidence: 99%