灰雀
小孩医保Does IPO Pricing Reflect Public Information? New Insights from Equity Carve‐Outs 期刊名称： Financial Management
作者： Chinmoy Ghosh,Milena Petrova,Zhilan Feng,Maneechit Pattanapanchai 年份： 2012年
彩陶壶期号： 第1期
太子建分手后还能做朋友吗关键词： real activities manipulation;accrual-bad earnings management;trade-off欢迎的英文怎么读
摘要：We examine the efficiency of initial public offering (IPO) pricing using a sample of over 300 equity carve-outs from 1985 to 2009. The partial adjustment theory posits that the initial return of IPOs is predictable bad on private information, but public information is fully incorporated. Prospect theory is consistent with both private and public information not being fully incorporated in the offer price. Our analysis confirms that both price update and initial return of carve-out IPOs can be predicted bad on the parent firm's returns during the prepricing and preissuing periods. Further, postissue ownership of the parent firm is associated with significantly higher price update and initial return, while IPOs where the majority of the proceeds are paid out register lower initial return. The size of the subsidiary and relative
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