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Initial Public Offerings in the United Kingdom, the United States, and Japan.

Abstract:

When a firm makes an initial public offering (IPO) of it equity, the accuracy with which its shares are priced will be an important factor determining the cost of "going public." In the United States, the United Kingdom, and Japan IPOs are systematically priced at a discount relative to their subsequent trading price. In the United States and the United Kingdom such discounts are, in average, around 10 percent and 7 percent, respectively, in normal trading conditions. In contrast, the average...

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T Jenkinson More by this author
Journal:
Journal of the Japanese and International Economies
Volume:
4
Publication date:
1990
URN:
uuid:189921e4-c2d2-46c6-9cc3-553bb2cc4e39
Local pid:
oai:economics.ouls.ox.ac.uk:11071
Language:
English

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