|
EconStor >
Otto-Friedrich-Universität Bamberg >
Lehrstuhl für Betriebswirtschaftslehre, insb. Finanzwirtschaft, Universität Bamberg >
Diskussionsbeiträge, Lst. f. BWL, insb. Finanzwirtschaft, Universität Bamberg >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/22505
|
| | |
| Title: | | The Existence and Effectiveness of Price Support Activities in Germany: A Note  |
| Authors: | | Oehler, Andreas Rummer, Marco Smith, Peter N. |
| Issue Date: | | 2004 |
| Series/Report no.: | | Bank- und Finanzwirtschaftliche Forschung: Diskussionsbeiträge des Lehrstuhls für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft, Universität Bamberg 30 |
| Abstract: | | The overallotment or greenshoe option has become very popular in the German IPO market since its introduction in 1995 and is nowadays an important tool to stabilize IPOs or to issue additional shares in the case of excess demand. Besides providing evidence for the prevalence of price support activities by the underwriter we show that the greenshoe option which seems to be used to support overpriced offerings in the secondary market is not very effective in propping up aftermarket prices. Additionally, the market seems to decide quite early which firms are ?losers? and which are ?winners? in terms of stock market performance. |
| Subjects: | | Initial Public Offerings (IPO) Price Support Overallotment Option |
| JEL: | | G12 G10 G32 G24 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Diskussionsbeiträge, Lst. f. BWL, insb. Finanzwirtschaft, Universität Bamberg
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/22505
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|