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Routledge Revivals: The Efficiency of New Issue Markets (1992)

Kyran McStay
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Adverse Selection
Adverse Selection Bias
Adverse Selection Model
adverse selection theory
Alternative Hypothesis
Author_Kyran McStay
Average Initial Returns
Category=KCH
Category=KFFH
Category=KFFM
Central Selling Organisation
De Beers
Efficiency
empirical analysis of distribution methods
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
financial market efficiency
Hot Issue Markets
information asymmetry
Informed Demand
Initial Public Offering
Initial Returns
IPO
Ipo Market
Issue Markets
Issue Size
Monopsony Power
New Issue Market
Positive Initial Returns
Preferential Allotments
primary equity markets
Public Offering Price
Quality Search
Regression Model
Risk Neutrality
Risk Neutrality Assumption
Riskless Asset
securities underwriting
Terminal Wealth
Under Pricing
underpricing phenomenon
Uninformed Demand
Uninformed Investors

Product details

  • ISBN 9781138574908
  • Weight: 430g
  • Dimensions: 156 x 234mm
  • Publication Date: 15 Dec 2017
  • Publisher: Taylor & Francis Ltd
  • Publication City/Country: GB
  • Product Form: Hardback
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Description

First published in 1992, The Efficiency of New Issue Markets provides a theoretical discussion of the adverse selection model of the new issue market. It addresses the hypothesis that the method of distribution of new issues has an important bearing on the efficiency of these markets. In doing this, the book tests the efficiency of the Offer for Sale new issue market, which demonstrates the validity of the adverse selection model and contradicts the monopsony power hypothesis. This examines the relative efficiency of the new issue markets and in turn demonstrates the importance of distribution in determining relative efficiency. The book provides a comprehensive overview of under-pricing and through this assesses the efficiency of new issue markets.

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