{"id":"https://openalex.org/W1908684564","doi":"https://doi.org/10.3386/w8586","title":"Biases in the IPO Pricing Process","display_name":"Biases in the IPO Pricing Process","publication_year":2001,"publication_date":"2001-11-01","ids":{"openalex":"https://openalex.org/W1908684564","doi":"https://doi.org/10.3386/w8586","mag":"1908684564"},"language":"en","primary_location":{"id":"doi:10.3386/w8586","doi":"https://doi.org/10.3386/w8586","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w8586","pdf_url":"https://doi.org/10.3386/w8586","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w8586","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5082238758","display_name":"Michelle B. Lowry","orcid":"https://orcid.org/0000-0003-0703-8952","observed_orcids":["https://orcid.org/0000-0003-0703-8952"]},"institutions":[{"id":"https://openalex.org/I130769515","display_name":"Pennsylvania State University","ror":"https://ror.org/04p491231","country_code":"US","type":"education","lineage":["https://openalex.org/I130769515"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michelle Lowry","raw_affiliation_strings":["College of Business Simon School of Business Penn State University University of Rochester University Park , PA 16802 Rochester , NY 14627","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","Smeal College of Business Simon School of Business Penn State University University of Rochester University Park, PA 16802 Rochester, NY 14627","University of Rochester"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Business Simon School of Business Penn State University University of Rochester University Park , PA 16802 Rochester , NY 14627","institution_ids":["https://openalex.org/I130769515","https://openalex.org/I5388228"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Smeal College of Business Simon School of Business Penn State University University of Rochester University Park, PA 16802 Rochester, NY 14627","institution_ids":["https://openalex.org/I130769515","https://openalex.org/I5388228"]},{"raw_affiliation_string":"University of Rochester","institution_ids":["https://openalex.org/I5388228"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5077780708","display_name":"G. William Schwert","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I130769515","display_name":"Pennsylvania State University","ror":"https://ror.org/04p491231","country_code":"US","type":"education","lineage":["https://openalex.org/I130769515"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"G. William Schwert","raw_affiliation_strings":["OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","Smeal College of Business Simon School of Business Penn State University University of Rochester University Park, PA 16802 Rochester, NY 14627"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Smeal College of Business Simon School of Business Penn State University University of Rochester University Park, PA 16802 Rochester, NY 14627","institution_ids":["https://openalex.org/I130769515","https://openalex.org/I5388228"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":25,"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/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8711000084877014,"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/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8711000084877014,"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/T10019","display_name":"Corporate Finance and Governance","score":0.11110000312328339,"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"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.004000000189989805,"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":0.9810000061988831},{"id":"https://openalex.org/keywords/ipo-pricing","display_name":"IPO pricing","score":0.9710000157356262},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.5789999961853027},{"id":"https://openalex.org/keywords/public-information","display_name":"public information","score":0.6970000267028809},{"id":"https://openalex.org/keywords/private-information","display_name":"private information","score":0.9950000047683716},{"id":"https://openalex.org/keywords/market-movements","display_name":"market movements","score":0.4309999942779541}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.8579766750335693},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5656764507293701},{"id":"https://openalex.org/C98045186","wikidata":"https://www.wikidata.org/wiki/Q205663","display_name":"Process (computing)","level":2,"score":0.5075942277908325},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.31789320707321167},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.28399932384490967},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.09060409665107727}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w8586","doi":"https://doi.org/10.3386/w8586","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w8586","pdf_url":"https://doi.org/10.3386/w8586","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w8586","doi":"https://doi.org/10.3386/w8586","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w8586","pdf_url":"https://doi.org/10.3386/w8586","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1908684564.pdf","grobid_xml":"https://content.openalex.org/works/W1908684564.grobid-xml"},"referenced_works_count":30,"referenced_works":["https://openalex.org/W1481113924","https://openalex.org/W1966268097","https://openalex.org/W1969632991","https://openalex.org/W2011897245","https://openalex.org/W2040114490","https://openalex.org/W2066357210","https://openalex.org/W2071869434","https://openalex.org/W2073488258","https://openalex.org/W2077850276","https://openalex.org/W2087865081","https://openalex.org/W2091957067","https://openalex.org/W2101695317","https://openalex.org/W2104795328","https://openalex.org/W2108818539","https://openalex.org/W2114121043","https://openalex.org/W2124092784","https://openalex.org/W2132582515","https://openalex.org/W2154585860","https://openalex.org/W2605750987","https://openalex.org/W2891337468","https://openalex.org/W3121765769","https://openalex.org/W3122433935","https://openalex.org/W3122521640","https://openalex.org/W3122522003","https://openalex.org/W3122545146","https://openalex.org/W3123110835","https://openalex.org/W3123268005","https://openalex.org/W3123676835","https://openalex.org/W4232811099","https://openalex.org/W4251216686"],"related_works":["https://openalex.org/W7095356265","https://openalex.org/W7099604363","https://openalex.org/W1999359922","https://openalex.org/W7097472524","https://openalex.org/W2257877154","https://openalex.org/W2143138695","https://openalex.org/W3172822242","https://openalex.org/W2137038629","https://openalex.org/W7098289998","https://openalex.org/W2159525581"],"abstract_inverted_index":{"By":[0],"investigating":[1],"the":[2,9,13,17,26,39,41,52,60,69,73,83,90,96],"entire":[3],"IPO":[4],"pricing":[5],"process,":[6],"beginning":[7],"when":[8],"offering":[10],"is":[11,43],"filed,":[12],"paper":[14],"contributes":[15],"to":[16,51],"existing":[18],"literature":[19],"along":[20],"four":[21],"dimensions.First,":[22],"price":[23,45,75],"updates":[24,46],"during":[25,59,68,82],"registration":[27,61,70,84],"period":[28,71,85],"are":[29,101],"predictable":[30],"based":[31],"on":[32,89],"firm":[33],"and":[34,64,78],"offer-specific":[35],"characteristics":[36],"known":[37],"at":[38],"time":[40],"offer":[42,74,91],"filed.Second,":[44],"reflect":[47],"market":[48],"movements":[49],"prior":[50],"initial":[53],"filing":[54],"date":[55],"as":[56,58],"well":[57],"period.Third,":[62],"positive":[63],"negative":[65],"information":[66,80],"learned":[67,81],"affect":[72],"asymmetrically.Finally,":[76],"public":[77],"private":[79],"have":[86],"different":[87],"effects":[88],"price.While":[92],"a":[93,112],"number":[94],"of":[95],"biases":[97],"that":[98],"we":[99],"uncover":[100],"consistent":[102],"with":[103],"one":[104],"or":[105],"more":[106],"theories":[107],"regarding":[108],"IPOs,":[109],"many":[110],"remain":[111],"puzzle.":[113]},"counts_by_year":[{"year":2017,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}