IPO Market Cycles: Bubbles or Sequential Learning?
本文档由 enbook 分享于2010-10-28 12:23
Both IPO volume and average initial returns are highly autocorrelated. Further, more companies tend to go public following periods of high initial returns. How- ever, we find that the level of average initial returns at the time of filing contains no information about that company s eventual underpricing. Both the cycles in initial returns and the lead-lag relation betwe..
君,已阅读到文档的结尾了呢~~