{"id":"https://openalex.org/W1996533291","doi":"https://doi.org/10.1111/j.1755-053x.2012.01176.x","title":"Does IPO Pricing Reflect Public Information? New Insights from Equity Carve\u2010Outs","display_name":"Does IPO Pricing Reflect Public Information? New Insights from Equity Carve\u2010Outs","publication_year":2012,"publication_date":"2012-03-01","ids":{"openalex":"https://openalex.org/W1996533291","doi":"https://doi.org/10.1111/j.1755-053x.2012.01176.x","mag":"1996533291"},"language":"en","primary_location":{"id":"doi:10.1111/j.1755-053x.2012.01176.x","doi":"https://doi.org/10.1111/j.1755-053x.2012.01176.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1755-053x.2012.01176.x","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"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/A5101795972","display_name":"Chinmoy Ghosh","orcid":"https://orcid.org/0000-0002-4196-1292","observed_orcids":["https://orcid.org/0000-0002-4196-1292","https://orcid.org/0000-0002-2218-4379"]},"institutions":[{"id":"https://openalex.org/I140172145","display_name":"University of Connecticut","ror":"https://ror.org/02der9h97","country_code":"US","type":"education","lineage":["https://openalex.org/I140172145"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Chinmoy Ghosh","raw_affiliation_strings":["University of Connecticut"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Connecticut","institution_ids":["https://openalex.org/I140172145"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5027620533","display_name":"Milena Petrova","orcid":"https://orcid.org/0000-0001-5564-9999","observed_orcids":["https://orcid.org/0000-0001-5564-9999","https://orcid.org/0000-0003-3983-4574"]},"institutions":[{"id":"https://openalex.org/I138943879","display_name":"Whitman College","ror":"https://ror.org/05axv8155","country_code":"US","type":"education","lineage":["https://openalex.org/I138943879"]},{"id":"https://openalex.org/I70983195","display_name":"Syracuse University","ror":"https://ror.org/025r5qe02","country_code":"US","type":"education","lineage":["https://openalex.org/I70983195"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Milena Petrova","raw_affiliation_strings":["Whitman School of Management"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Whitman School of Management","institution_ids":["https://openalex.org/I138943879","https://openalex.org/I70983195"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101565035","display_name":"Zhilan Feng","orcid":"https://orcid.org/0000-0002-4153-1073","observed_orcids":["https://orcid.org/0000-0002-4153-1073"]},"institutions":[{"id":"https://openalex.org/I889948113","display_name":"Union Graduate College","ror":"https://ror.org/05p9w4h97","country_code":"US","type":"education","lineage":["https://openalex.org/I16944753","https://openalex.org/I889948113"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Zhilan Feng","raw_affiliation_strings":["Union Graduate College in Schenectady"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Union Graduate College in Schenectady","institution_ids":["https://openalex.org/I889948113"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5075626695","display_name":"Maneechit Pattanapanchai","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Maneechit Pattanapanchai","raw_affiliation_strings":["Economist on the Ways and Means Committee"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Economist on the Ways and Means Committee","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":2850,"currency":"USD","value_usd":2850},"apc_paid":null,"fwci":3.0388,"has_fulltext":false,"cited_by_count":17,"citation_normalized_percentile":{"value":0.92110135,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"41","issue":"1","first_page":"1","last_page":"33"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8955000042915344,"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":0.8955000042915344,"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":0.09880000352859497,"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":0.002199999988079071,"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/ipo-pricing","display_name":"IPO pricing","score":0.8119999766349792},{"id":"https://openalex.org/keywords/equity-carve-outs","display_name":"equity carve-outs","score":0.8939999938011169},{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.5920000076293945},{"id":"https://openalex.org/keywords/public-information","display_name":"public information","score":0.628000020980835},{"id":"https://openalex.org/keywords/prospect-theory","display_name":"prospect theory","score":0.9990000128746033},{"id":"https://openalex.org/keywords/initial-return","display_name":"initial return","score":0.5619999766349792},{"id":"https://openalex.org/keywords/subsidiary-size","display_name":"subsidiary size","score":0.7860000133514404},{"id":"https://openalex.org/keywords/offering-size","display_name":"offering size","score":0.765999972820282},{"id":"https://openalex.org/keywords/private-information","display_name":"private information","score":0.47200000286102295}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.9619885683059692},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.682706356048584},{"id":"https://openalex.org/C99221444","wikidata":"https://www.wikidata.org/wiki/Q1532069","display_name":"Private information retrieval","level":2,"score":0.5635452270507812},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5383473634719849},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5230818390846252},{"id":"https://openalex.org/C86637286","wikidata":"https://www.wikidata.org/wiki/Q7317264","display_name":"Rate of return","level":2,"score":0.4904775321483612},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.48023468255996704},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4640805721282959},{"id":"https://openalex.org/C90329073","wikidata":"https://www.wikidata.org/wiki/Q914232","display_name":"Ask price","level":2,"score":0.46308547258377075},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4297177493572235},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3326871693134308},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3196454644203186},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/j.1755-053x.2012.01176.x","doi":"https://doi.org/10.1111/j.1755-053x.2012.01176.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1755-053x.2012.01176.x","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bla:finmgt:v:41:y:2012:i:1:p:1-33","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1111/j.1755-053X.2012.01176.x","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":null,"raw_type":"article"},{"id":"pmh:oai:iris.unibocconi.it:11565/3975339","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/11565/3975339","pdf_url":null,"source":{"id":"https://openalex.org/S7407055170","display_name":"Archivio istituzionale della Ricerca - Bocconi","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":[],"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":"info:eu-repo/semantics/article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":45,"referenced_works":["https://openalex.org/W1501406756","https://openalex.org/W1580205108","https://openalex.org/W1588907421","https://openalex.org/W1591099623","https://openalex.org/W1983829311","https://openalex.org/W1991128310","https://openalex.org/W2011897245","https://openalex.org/W2013631662","https://openalex.org/W2019548372","https://openalex.org/W2037947108","https://openalex.org/W2059156966","https://openalex.org/W2060806362","https://openalex.org/W2066357210","https://openalex.org/W2067054705","https://openalex.org/W2071869434","https://openalex.org/W2077386158","https://openalex.org/W2085162670","https://openalex.org/W2087533311","https://openalex.org/W2087865081","https://openalex.org/W2091957067","https://openalex.org/W2095912707","https://openalex.org/W2108818539","https://openalex.org/W2109853285","https://openalex.org/W2115291225","https://openalex.org/W2128023420","https://openalex.org/W2132582515","https://openalex.org/W2133075930","https://openalex.org/W2135340498","https://openalex.org/W2141122836","https://openalex.org/W2147005732","https://openalex.org/W2147760655","https://openalex.org/W2149723535","https://openalex.org/W2165162554","https://openalex.org/W2606315156","https://openalex.org/W3121330844","https://openalex.org/W3121912094","https://openalex.org/W3122433935","https://openalex.org/W3122750567","https://openalex.org/W3122751286","https://openalex.org/W3123843583","https://openalex.org/W3124175736","https://openalex.org/W3124767679","https://openalex.org/W3124777630","https://openalex.org/W3125657840","https://openalex.org/W3126029451"],"related_works":["https://openalex.org/W2011182215","https://openalex.org/W3125570925","https://openalex.org/W7096982886","https://openalex.org/W2088907344","https://openalex.org/W7095356265","https://openalex.org/W7099604363","https://openalex.org/W2067054705","https://openalex.org/W2295062205","https://openalex.org/W7097472524","https://openalex.org/W3124413374"],"abstract_inverted_index":{"We":[0],"examine":[1],"the":[2,28,60,81,86,95,111,114,126,132],"efficiency":[3],"of":[4,13,31,73,94,113,125,131],"initial":[5,29,71,106,121,142],"public":[6,40,53],"offering":[7,133],"(IPO)":[8],"pricing":[9],"using":[10],"a":[11],"sample":[12],"over":[14],"300":[15],"equity":[16],"carve\u2010outs":[17],"from":[18],"1985":[19],"to":[20,138],"2009.":[21],"The":[22,123],"partial":[23],"adjustment":[24],"theory":[25,46],"posits":[26],"that":[27,66],"return":[30,72],"IPOs":[32,75,109],"is":[33,42,47,98],"predictable":[34],"based":[35,79],"on":[36,80],"private":[37,51],"information,":[38],"but":[39],"information":[41,54],"fully":[43,57],"incorporated.":[44],"Prospect":[45],"consistent":[48,147],"with":[49,100,148],"both":[50,67],"and":[52,70,88,105,128,141],"not":[55],"being":[56],"incorporated":[58],"in":[59],"offer":[61],"price.":[62],"Our":[63],"analysis":[64],"confirms":[65],"price":[68,103,139],"update":[69,104,140],"carve\u2010out":[74],"can":[76],"be":[77],"predicted":[78],"parent":[82,96],"firm's":[83],"returns":[84],"during":[85],"prepricing":[87],"preissuing":[89],"periods.":[90],"Further,":[91],"postissue":[92],"ownership":[93],"firm":[97],"associated":[99],"significantly":[101,136],"higher":[102],"return,":[107],"while":[108],"where":[110],"majority":[112],"proceeds":[115],"are":[116,134,146],"paid":[117],"out":[118],"register":[119],"lower":[120],"return.":[122,143],"size":[124,130],"subsidiary":[127],"relative":[129],"also":[135],"related":[137],"These":[144],"findings":[145],"prospect":[149],"theory.":[150]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":4},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}