Do IPOs affect the prices of other stocks? evidence from emerging markets

Matías Braun, Borja Larrain*

*Autor correspondiente de este trabajo

Resultado de la investigación: Contribución a una revistaArtículorevisión exhaustiva

33 Citas (Scopus)

Resumen

We show that the introduction of a large asset permanently affects the prices of existing assets in a market. Using data from 254 initial public offerings (IPOs) in 22 emerging markets, we find that portfolios that covary highly with the IPO experience a decline in prices relative to other portfolios during the month of the issue. The effects are stronger when the IPO is issued in a market that is less integrated internationally and when the IPO is bigger. This evidence is consistent with the idea that shocks to asset supply have a significant effect on asset prices. (JEL G12, G14, G15).

Idioma originalInglés
Páginas (desde-hasta)1505-1544
Número de páginas40
PublicaciónReview of Financial Studies
Volumen22
N.º4
DOI
EstadoPublicada - abr. 2009
Publicado de forma externa

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