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dc.contributor.authorOehler, Andreasen_US
dc.contributor.authorRummer, Marcoen_US
dc.contributor.authorSmith, Peter N.en_US
dc.date.accessioned2009-01-29T15:01:02Z-
dc.date.available2009-01-29T15:01:02Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/22501-
dc.description.abstractThe underpricing phenomenon of Initial Public Offerings (IPOs) has been widely studied across different stock markets around the world and has often been explained to be as a result of asymmetrically distributed information and ex-ante uncertainty. However, as Ritter and Welch (2002) argue to the contrary, these theories are unlikely to explain the persistent pattern of high initial returns during the first trading day as well as other features of the returns data. This paper add some further alternative explanations to the traditional theory while focusing on German IPOs during the 1997 to 2001 period and covering a sample of 410 firms. Using time series regressions the cyclical behaviour of the issue activity is examined and we report, using VAR analysis, that lagged underpricing and IPO volume influence the decision to go public. The cross-sectional regression analysis, using both censored and uncensored data, shows that the initial returns are mainly influenced by investor sentiment and demand, and less by ex-ante uncertainty, especially during the dot-com boom.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesBank- und Finanzwirtschaftliche Forschung: Diskussionsbeiträge des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft, Universität Bamberg 26en_US
dc.subject.jelG12en_US
dc.subject.jelG32en_US
dc.subject.jelG24en_US
dc.subject.jelG10en_US
dc.subject.ddc330en_US
dc.subject.keywordInitial Public Offerings (IPO)en_US
dc.subject.keywordUnderpricingen_US
dc.subject.keywordInvestor Sentimenten_US
dc.subject.keywordHot-issue Marketsen_US
dc.subject.keywordEx-ante Uncertaintyen_US
dc.titleIPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germanyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn462050718en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bamfin:26-
Appears in Collections:Diskussionsbeiträge, Lst. f. BWL, insb. Finanzwirtschaft, Universität Bamberg

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