Finance and Economics Discussion Series: A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance by Matthew Pritsker

Finance and Economics Discussion Series: A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance

Matthew Pritsker

72 pages • missing pub info (editions)

nonfiction politics challenging informative reflective medium-paced
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Description

I present a fully-rational symmetric-information model of an IPO, and a dynamic imperfectly competitive model of trading in the IPO aftermarket. The model helps to explain IPO underpricing, underperformance, and why share allocations favor large i...

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