Total and primary underpricings in the IPO marketare they explained by the same variables?

  1. Miguel Á. Acedo-Ramírez 1
  2. Francisco J. Ruiz-Cabestre 1
  1. 1 Universidad de La Rioja
    info

    Universidad de La Rioja

    Logroño, España

    ROR https://ror.org/0553yr311

Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2019

Volumen: 48

Número: 2

Páginas: 134-159

Tipo: Artículo

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DOI: 10.1080/02102412.2018.1468642 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Resumen

Este estudio contribuye a ampliar la investigación empírica inter- nacional sobre la infravaloración total y primaria en el mercado de IPOs e intenta mostrar que las variables tradicionalmente vincula- das a las asimetrías de información entre empresas, intermediarios e inversores no pueden explicar adecuadamente la infravaloración total (de oferta a cierre). Esto se debe a que, detrás de la infravaloración total, existen variables que explican la infravaloración primaria, asociadas principalmente a asimetrías de información, y variables relacionadas con los precios de apertura en el primer día de negociación, que intentan medir el comporta- miento y la reacción de los inversores e intermediarios a los precios de apertura. Nuestros resultados apuntan a este argu- mento y nos permiten indicar que es más razonable medir la infravaloración a través de la rentabilidad primaria (con precios de apertura) que a través del infravaloración total (con precios de cierre), ya que los precios de cierre están contaminados por dichos comportamientos y reacciones.

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Información de financiación

This work has received financial support from the Ministry of Economy and Competitiveness of Spain [Grant number ECO2016-77631-R] and the University of La Rioja [Grant number EGI16/ 44]

Financiadores

    • EGI16/ 44
    • ECO2016-77631-R

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