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Kevin Rock (1986)
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Footnotes 1 . See Roger G. Ibbotson Price Performance of Common Stock New Issues ,” Journal of Financial Economics 2 ( 1975 ), 235 – 272 . 2 . For a discussion of the international evidence, see Tim Loughran , Jay Ritter , and Kristian Rydqvist , “ Initial Public Offerings: International Insights ,” Pacific-Basin Finance Journal 2 ( March 1994 ) . 3 . The conclusions regarding underpricing seem to be fairly insensitive to the length of the initial return interval, and whether (or how) market risk adjustments are made. For evidence on this, see Robert Miller and Frank Reilly, “An Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings,” Financial Management (Summer 1987), 33‐38 and Chris Barry and Robert Jennings, “The Opening Price Performance of Initial Public Offerings of Common Stock,” Financial Management (Spring 1993), 54–63. 4 . Hot issue markets were first documented in the academic literature by one of the present writers. See Roger G. Ibbotson and Jeffrey F. Jaffe , “ ‘Hot Issue’ Markets ,” Journal of Finance 30 ( 1975 ), 1027 – 1042 . 5 . Similar patterns are reported by Andrew Chalk and John Peavy, “Initial Public Offerings: Daily
Journal of Applied Corporate Finance – Wiley
Published: Mar 1, 1994
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