Underpricing of Seasoned Issues

Cover Underpricing of Seasoned Issues
Underpricing of Seasoned Issues
John E Parsons
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The correct interpretation of this empirical observation is that, after the announcement of the terms of an underwritten offering, the optimal behavior of Investors leads to an equilibrium market with the charcterlstic discussed above. Thus our analysis draws attention to the fact that the pre-issue market price is not independent with respect to the underwriter's decisions. The two are determined in equilibrium, and for any anticipated offer price the associated pre-issue market price is highe...r.
IV. Effects of Information Revealed Through the Market In the model discussed so far we have assumed that each investor has an exogenously specified valuation of the firm and does not alter his valuation upon learning of other investors' valuations. This assumption may be criticized on the basis that the cause of a divergence in valuations by investors was not specified; moreover, the divergence was assumed to persist during trade in the market and to disappear Immediately upon distribution of the new shares.


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