Influence of IPO characteristics on liquidity

  1. Acedo Ramírez, Miguel Ángel 1
  2. Ruiz Cabestre, Francisco Javier 1
  3. Santamaría Aquilué, Rafael 2
  1. 1 Universidad de La Rioja
    info

    Universidad de La Rioja

    Logroño, España

    ROR https://ror.org/0553yr311

  2. 2 Universidad Pública de Navarra
    info

    Universidad Pública de Navarra

    Pamplona, España

    ROR https://ror.org/02z0cah89

Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2011

Número: 151

Páginas: 417-437

Tipo: Artículo

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DOI: 10.1080/02102412.2011.10779707 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Proyectos relacionados

Oferta de acciones y comportamiento de los invesores

2006/00093/001

Resumen

Este estudio examina la relación existente entre las características que defi nen las Ofertas Públicas de Venta Iniciales (OPIs) y la liquidez de las acciones en circulación tras la ejecución de estas operaciones. Se argumenta que a mayor infravaloración, tamaño relativo y composición minorista de las ofertas, mayor será la liquidez de las acciones tras la admisión a cotización. Los resultados procedentes de una muestra de OPIs del mercado bursátil español revelan que la liquidez, tras la ejecución de estas operaciones, puede ser explicada por las características que las defi nen. Además, éstos permanecen robustos tras excluir el efecto del mercado e incluir otras características adicionales de las OPIs tales comos compromisos de estabilización, restricciones lockup y reputación de coordinadores, aseguradores y auditores.

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Fuente de los datos: Dialnet