TY  - UNPD
A1  - Löffler, Gunter
A1  - Panther, Patrick F.
A1  - Theissen, Erik
T1  - Who knows what when? : The information content of pre-IPO market prices : [Version March/June 2002]
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 91
N2  - To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the first price subsequently established on the exchange than both the midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left unexplained by other variables. The results imply that information asymmetries are much lower than the observed variance of underpricing suggests.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 91 
KW  - Initial public offerings
KW  - underpricing
KW  - when-issued trading
KW  - asymmetric information
KW  - winner’s curse
KW  - information production
KW  - Deutschland
KW  - Emissionskurs
KW  - Börsenzulassung
KW  - Going Public
KW  - Wertpapieremission
KW  - Wertpapierhandel
KW  - Wertpapiermarkt
KW  - Asymmetrische Information
KW  - Schätzung
Y1  - 2002
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3651
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-18310
IS  - Version March / June 2002
EP  - 32
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -