{"id":"https://openalex.org/W3125831525","doi":"https://doi.org/10.1111/0022-1082.00135","title":"The Persistence of IPO Mispricing and the Predictive Power of Flipping","display_name":"The Persistence of IPO Mispricing and the Predictive Power of Flipping","publication_year":1999,"publication_date":"1999-06-01","ids":{"openalex":"https://openalex.org/W3125831525","doi":"https://doi.org/10.1111/0022-1082.00135","mag":"3125831525"},"language":"en","primary_location":{"id":"doi:10.1111/0022-1082.00135","doi":"https://doi.org/10.1111/0022-1082.00135","is_oa":true,"landing_page_url":"https://doi.org/10.1111/0022-1082.00135","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/0022-1082.00135","source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"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-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","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":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/0022-1082.00135","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5018852884","display_name":"Laurie Krigman","orcid":"https://orcid.org/0000-0001-5429-0662","observed_orcids":["https://orcid.org/0000-0001-5429-0662"]},"institutions":[{"id":"https://openalex.org/I138006243","display_name":"University of Arizona","ror":"https://ror.org/03m2x1q45","country_code":"US","type":"education","lineage":["https://openalex.org/I138006243"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Laurie Krigman","raw_affiliation_strings":["University of Arizona"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Arizona","institution_ids":["https://openalex.org/I138006243"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5019619129","display_name":"Wayne H. Shaw","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I178169726","display_name":"Southern Methodist University","ror":"https://ror.org/042tdr378","country_code":"US","type":"education","lineage":["https://openalex.org/I178169726"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Wayne H. Shaw","raw_affiliation_strings":["Cox School of Business, Southern Methodist University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Cox School of Business, Southern Methodist University","institution_ids":["https://openalex.org/I178169726"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5047924242","display_name":"Kent L. Womack","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I107672454","display_name":"Dartmouth College","ror":"https://ror.org/049s0rh22","country_code":"US","type":"education","lineage":["https://openalex.org/I107672454"]},{"id":"https://openalex.org/I138006243","display_name":"University of Arizona","ror":"https://ror.org/03m2x1q45","country_code":"US","type":"education","lineage":["https://openalex.org/I138006243"]},{"id":"https://openalex.org/I178169726","display_name":"Southern Methodist University","ror":"https://ror.org/042tdr378","country_code":"US","type":"education","lineage":["https://openalex.org/I178169726"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Kent L. Womack","raw_affiliation_strings":["Amos Tuck School, Dartmouth College","Krigman is at the University of Arizona","Shaw is at the Cox School of Business, Southern Methodist University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Amos Tuck School, Dartmouth College","institution_ids":["https://openalex.org/I107672454"]},{"raw_affiliation_string":"Krigman is at the University of Arizona","institution_ids":["https://openalex.org/I138006243"]},{"raw_affiliation_string":"Shaw is at the Cox School of Business, Southern Methodist University","institution_ids":["https://openalex.org/I178169726"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":47.8523,"has_fulltext":true,"cited_by_count":393,"citation_normalized_percentile":{"value":0.99782593,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":100},"biblio":{"volume":"54","issue":"3","first_page":"1015","last_page":"1044"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9984999895095825,"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":0.9984999895095825,"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":0.0007999999797903001,"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":0.00019999999494757503,"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":0.9190000295639038},{"id":"https://openalex.org/keywords/ipo-underwriters","display_name":"IPO underwriters","score":0.7639999985694885},{"id":"https://openalex.org/keywords/first-day-trading","display_name":"first-day trading","score":0.6129999756813049},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.628000020980835},{"id":"https://openalex.org/keywords/informed-traders","display_name":"informed traders","score":0.6940000057220459}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.9668009281158447},{"id":"https://openalex.org/C26503482","wikidata":"https://www.wikidata.org/wiki/Q1898080","display_name":"Underwriting","level":2,"score":0.9261372089385986},{"id":"https://openalex.org/C2778136018","wikidata":"https://www.wikidata.org/wiki/Q10350689","display_name":"Predictive power","level":2,"score":0.6734651923179626},{"id":"https://openalex.org/C2781009140","wikidata":"https://www.wikidata.org/wiki/Q7170389","display_name":"Persistence (discontinuity)","level":2,"score":0.6100776195526123},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5799975395202637},{"id":"https://openalex.org/C2777402642","wikidata":"https://www.wikidata.org/wiki/Q2557224","display_name":"Explanatory power","level":2,"score":0.5701992511749268},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4429357945919037},{"id":"https://openalex.org/C163258240","wikidata":"https://www.wikidata.org/wiki/Q25342","display_name":"Power (physics)","level":2,"score":0.4118339419364929},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3676936626434326},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.33035898208618164},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3300999402999878},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.2750535011291504},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.21479660272598267},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.06278833746910095},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0},{"id":"https://openalex.org/C187320778","wikidata":"https://www.wikidata.org/wiki/Q1349130","display_name":"Geotechnical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/0022-1082.00135","doi":"https://doi.org/10.1111/0022-1082.00135","is_oa":true,"landing_page_url":"https://doi.org/10.1111/0022-1082.00135","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/0022-1082.00135","source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"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-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","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":"The Journal of Finance","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.36141","doi":"https://doi.org/10.2139/ssrn.36141","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.36141","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:scholar.smu.edu:business_accounting_research-1046","doi":null,"is_oa":false,"landing_page_url":"https://papers.ssrn.com/ab_id=36141","pdf_url":null,"source":{"id":"https://openalex.org/S4377196617","display_name":"SMU Scholar (Southern Methodist University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I178169726","host_organization_name":"Southern Methodist University","host_organization_lineage":["https://openalex.org/I178169726"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Accounting Research","raw_type":"text"}],"best_oa_location":{"id":"doi:10.1111/0022-1082.00135","doi":"https://doi.org/10.1111/0022-1082.00135","is_oa":true,"landing_page_url":"https://doi.org/10.1111/0022-1082.00135","pdf_url":"https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/0022-1082.00135","source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"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-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","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":"The Journal of Finance","raw_type":"journal-article"},"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/W3125831525.pdf","grobid_xml":"https://content.openalex.org/works/W3125831525.grobid-xml"},"referenced_works_count":41,"referenced_works":["https://openalex.org/W158727920","https://openalex.org/W284513564","https://openalex.org/W942274081","https://openalex.org/W1525757289","https://openalex.org/W1596709685","https://openalex.org/W1995834279","https://openalex.org/W2004501718","https://openalex.org/W2008841157","https://openalex.org/W2038224101","https://openalex.org/W2039962467","https://openalex.org/W2044758379","https://openalex.org/W2049075743","https://openalex.org/W2064319499","https://openalex.org/W2064838152","https://openalex.org/W2066309326","https://openalex.org/W2071869434","https://openalex.org/W2073488258","https://openalex.org/W2079199322","https://openalex.org/W2091090227","https://openalex.org/W2091957067","https://openalex.org/W2093362178","https://openalex.org/W2094442264","https://openalex.org/W2100663268","https://openalex.org/W2104697841","https://openalex.org/W2106724019","https://openalex.org/W2109159662","https://openalex.org/W2113305199","https://openalex.org/W2119621677","https://openalex.org/W2125520394","https://openalex.org/W2135808032","https://openalex.org/W2136120210","https://openalex.org/W2148198877","https://openalex.org/W2148402268","https://openalex.org/W2328418989","https://openalex.org/W3122993843","https://openalex.org/W3123021163","https://openalex.org/W3124305668","https://openalex.org/W3125902854","https://openalex.org/W4205384207","https://openalex.org/W4285719527","https://openalex.org/W4301958211"],"related_works":["https://openalex.org/W3122563130","https://openalex.org/W2128843270","https://openalex.org/W2754348085","https://openalex.org/W1914619431","https://openalex.org/W7221071195","https://openalex.org/W7096704043","https://openalex.org/W1597369103","https://openalex.org/W2035932329","https://openalex.org/W2115573838","https://openalex.org/W3187429595"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"examines":[3],"underwriters'":[4,97],"pricing":[5,98],"errors":[6,99],"and":[7,30,94],"the":[8,27,44,60,63,79,85],"information":[9],"content":[10],"of":[11,72],"first\u2010day":[12,20,31],"trading":[13],"activity":[14],"in":[15,62],"IPOs.":[16],"We":[17,48,88],"show":[18,89],"that":[19,51,58,90,96],"winners":[21,25],"continue":[22,33],"to":[23,34],"be":[24,35],"over":[26,78],"first":[28,80],"year,":[29],"dogs":[32],"relative":[36],"dogs.":[37],"Exceptions":[38],"are":[39,100],"\u201cextra\u2010hot\u201d":[40],"IPOs,":[41],"which":[42],"provide":[43],"worst":[45,61],"future":[46],"performance.":[47],"also":[49],"demonstrate":[50],"large,":[52],"supposedly":[53],"informed,":[54],"traders":[55],"\u201cflip\u201d":[56],"IPOs":[57,65],"perform":[59],"future.":[64],"with":[66],"low":[67],"flipping":[68,91],"generate":[69],"abnormal":[70],"returns":[71],"1.5":[73],"percentage":[74],"points":[75],"per":[76],"month":[77],"six":[81],"months":[82],"beginning":[83],"on":[84],"third":[86],"day.":[87],"is":[92],"predictable":[93],"conclude":[95],"intentional.":[101]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":12},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":10},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":15},{"year":2019,"cited_by_count":9},{"year":2018,"cited_by_count":9},{"year":2017,"cited_by_count":20},{"year":2016,"cited_by_count":8},{"year":2015,"cited_by_count":10},{"year":2014,"cited_by_count":19},{"year":2013,"cited_by_count":17},{"year":2012,"cited_by_count":10}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2021-02-01T00:00:00"}