{"id":"https://openalex.org/W1483390880","doi":null,"title":"Is the offer price in IPOs informative? : underpricing, ownership structure, and performance","display_name":"Is the offer price in IPOs informative? : underpricing, ownership structure, and performance","publication_year":2002,"publication_date":"2002-02-01","ids":{"openalex":"https://openalex.org/W1483390880","mag":"1483390880"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:wop:pennin:01-33","doi":null,"is_oa":false,"landing_page_url":"http://fic.wharton.upenn.edu/fic/papers/01/0133.pdf","pdf_url":"http://fic.wharton.upenn.edu/fic/papers/01/0133.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5109469696","display_name":"Chitru S. Fernando","orcid":"https://orcid.org/0000-0002-2795-6016","observed_orcids":["https://orcid.org/0000-0002-2795-6016"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Chitru S. Fernando","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5109469696"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":6,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8457000255584717,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8457000255584717,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.13930000364780426,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.005100000184029341,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.9929999709129333},{"id":"https://openalex.org/keywords/ipo-underpricing","display_name":"IPO underpricing","score":0.7059999704360962},{"id":"https://openalex.org/keywords/ipo-offer-price","display_name":"IPO offer price","score":0.7170000076293945},{"id":"https://openalex.org/keywords/ipo-size","display_name":"IPO size","score":0.3869999945163727},{"id":"https://openalex.org/keywords/ownership-structure","display_name":"ownership structure","score":0.8539999723434448},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.7950000166893005},{"id":"https://openalex.org/keywords/stock-splits","display_name":"stock splits","score":0.6200000047683716},{"id":"https://openalex.org/keywords/information-content-of-prices","display_name":"information content of prices","score":0.5130000114440918}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.9642717838287354},{"id":"https://openalex.org/C26503482","wikidata":"https://www.wikidata.org/wiki/Q1898080","display_name":"Underwriting","level":2,"score":0.7982015013694763},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6304423213005066},{"id":"https://openalex.org/C90329073","wikidata":"https://www.wikidata.org/wiki/Q914232","display_name":"Ask price","level":2,"score":0.6150002479553223},{"id":"https://openalex.org/C48798503","wikidata":"https://www.wikidata.org/wiki/Q877546","display_name":"Reputation","level":2,"score":0.6032344698905945},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5980077981948853},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.507262647151947},{"id":"https://openalex.org/C2779538965","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Share price","level":3,"score":0.49837446212768555},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4963276982307434},{"id":"https://openalex.org/C2781426162","wikidata":"https://www.wikidata.org/wiki/Q2275793","display_name":"Casual","level":2,"score":0.4561270475387573},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.36842501163482666},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3325660824775696},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.22133657336235046},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1776476800441742},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"pmh:oai:RePEc:wop:pennin:01-33","doi":null,"is_oa":false,"landing_page_url":"http://fic.wharton.upenn.edu/fic/papers/01/0133.pdf","pdf_url":"http://fic.wharton.upenn.edu/fic/papers/01/0133.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:1483390880","doi":null,"is_oa":false,"landing_page_url":"https://deepblue.lib.umich.edu/handle/2027.42/35601","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.199.5243","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.199.5243","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://fic.wharton.upenn.edu/fic/papers/01/0133.pdf","raw_type":"text"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.202.4884","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.202.4884","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.bus.umich.edu/kresgelibrary/collections/workingpapers/mbs/wp02-004.pdf","raw_type":"text"},{"id":"pmh:oai:deepblue.lib.umich.edu:2027.42/35601","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/2027.42/35601","pdf_url":null,"source":{"id":"https://openalex.org/S4306400393","display_name":"Deep Blue (University of Michigan)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I27837315","host_organization_name":"University of Michigan","host_organization_lineage":["https://openalex.org/I27837315"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working Paper"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":44,"referenced_works":["https://openalex.org/W1596709685","https://openalex.org/W1606272114","https://openalex.org/W1969632991","https://openalex.org/W1979927021","https://openalex.org/W1995792757","https://openalex.org/W2004501718","https://openalex.org/W2013283193","https://openalex.org/W2014119880","https://openalex.org/W2015466998","https://openalex.org/W2039962467","https://openalex.org/W2050041476","https://openalex.org/W2054604577","https://openalex.org/W2071445672","https://openalex.org/W2071869434","https://openalex.org/W2073488258","https://openalex.org/W2074647041","https://openalex.org/W2077850276","https://openalex.org/W2082745103","https://openalex.org/W2089858078","https://openalex.org/W2091957067","https://openalex.org/W2115261153","https://openalex.org/W2116670736","https://openalex.org/W2122925298","https://openalex.org/W2124092784","https://openalex.org/W2125243659","https://openalex.org/W2133075930","https://openalex.org/W2134391930","https://openalex.org/W2135808032","https://openalex.org/W2144876393","https://openalex.org/W2148198877","https://openalex.org/W2148402268","https://openalex.org/W2150708838","https://openalex.org/W2156314144","https://openalex.org/W2158027494","https://openalex.org/W2158442024","https://openalex.org/W2164012255","https://openalex.org/W2168591193","https://openalex.org/W2172006730","https://openalex.org/W3023230189","https://openalex.org/W3123786324","https://openalex.org/W3123969161","https://openalex.org/W3125831525","https://openalex.org/W3126029451","https://openalex.org/W4240307802"],"related_works":["https://openalex.org/W3125387540","https://openalex.org/W2184600458","https://openalex.org/W1602011625","https://openalex.org/W2289742647","https://openalex.org/W7095487227","https://openalex.org/W7095356265","https://openalex.org/W7095300377","https://openalex.org/W7099604363","https://openalex.org/W2066357210","https://openalex.org/W3125898387"],"abstract_inverted_index":{"When":[0],"firms":[1,48,112,158],"go":[2],"public":[3],"in":[4,65,90,117],"an":[5,24],"IPO,":[6],"they":[7,69],"must":[8],"choose":[9,51],"a":[10,17,160,185],"number":[11],"of":[12,120],"shares":[13],"to":[14,32,72,80,127],"offer":[15],"and":[16,39,79,102,106,135,144],"price":[18,55,100,142,164,187],"level":[19,56,101,165,188],"for":[20,150,154],"those":[21],"shares.":[22],"Given":[23],"estimated":[25],"total":[26],"value,":[27],"this":[28,91],"division":[29],"would":[30],"seem":[31],"have":[33],"little":[34],"economic":[35,190],"significance.":[36,191],"Casual":[37],"empiricism":[38],"the":[40,66,77,96,118,124,179],"evidence":[41,177],"from":[42],"stock":[43,163],"splits,":[44],"however,":[45],"suggest":[46],"that":[47,68,85,95,132,145,178,182],"do":[49],"not":[50],"their":[52],"IPO":[53,61,86,99,115],"share":[54,186],"arbitrarily.":[57],"We":[58,83,93,129],"ask":[59],"whether":[60],"prices":[62,87,116],"are":[63,88,138],"informative,":[64],"sense":[67],"relate":[70],"systematically":[71],"other":[73],"choices":[74],"made":[75],"by":[76],"firm":[78,81],"characteristics.":[82],"find":[84,94,131],"informative":[89],"sense.":[92],"relationship":[97],"between":[98],"underpricing":[103],"is":[104,148],"U-shaped,":[105],"demonstrate":[107],"economically":[108],"significant":[109],"differences":[110],"across":[111],"choosing":[113,159],"different":[114],"amounts":[119],"money":[121],"left":[122],"on":[123],"table":[125],"due":[126],"underpricing.":[128],"also":[130],"institutional":[133],"ownership":[134],"underwriter":[136],"reputation":[137],"greater":[139],"at":[140],"higher":[141,161],"levels,":[143],"post-IPO":[146],"turnover":[147],"lower":[149,167],"high-priced":[151],"IPOs":[152],"than":[153],"mid-priced":[155],"IPOs.":[156],"Moreover,":[157],"(lower)":[162],"experience":[166],"(higher)":[168],"mortality":[169],"rates.":[170],"Taken":[171],"together,":[172],"our":[173],"results":[174],"provide":[175],"strong":[176],"corporate":[180],"decision":[181],"involves":[183],"picking":[184],"has":[189]},"counts_by_year":[{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}