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Book Cover
E-book
Author McStay, Kyran

Title Routledge Revivals
Published Milton : Taylor and Francis, 2018

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Description 1 online resource (145 pages)
Series Routledge Revivals
Routledge revivals.
Contents Cover; Title Page; Copyright Page; Original Title Page; Original Title Page; Dedication; Table of Contents; List of Illustrations; Chapter 1 The Efficiency of New Issue Markets: Introduction; Introduction; I. Alternative Explanations of Under Pricing; Monopsony Power and Inefficiency; The Adverse Selection Model; II. Empirical Evidence on Under Pricing; Under Pricing and the Distribution of Initial Returns; Initial Returns and Uncertainty: Empirical Relationship; Distinguishing Between the Alternative Hypotheses; III. Preview; Theoretical Developments of the Adverse Selection Model
Distribution and EfficiencyTesting the Efficiency of the Offer for Sale; Distribution and Efficiency: Evidence from US and UK; Summary and Conclusion; Chapter 2 The Adverse Selection Model of the New Issue Market; Introduction; I. Modifications to the Adverse Selection Model; The Assumption of Risk Neutrality; Comparison with Rock's Model; The Structure of the Model; II. Uninformed Demand; Utility Maximisation; The Adverse Selection Bias; Determining Uninformed Demand; A Necessary Condition for an Uninformed Bid; The Uninformed Demand Function; Bounds on the Offer Price
Rock's Restriction on Uninformed DemandIII. The Optimum Offer Price: The Issuer's Behaviour; The Expected Revenue Function; What is the Optimum Discount?; Is Discounting Rational? A Necessary and Sufficient Condition; The Rationality of Under Pricing: the Uniform Distribution; Numerical Examples; IV. Implications of the Adverse Selection Model; Expected Return for Uninformed Investors; The Expected Return from Underwriting; Uncertainty and Initial Performance; The Effect of Informed Demand; V. Further Developments of the Adverse Selection Model
Chapter 3 Distribution and the Efficiency of New Issue MarketsIntroduction; I. The Economics of ""Bunching"" Selling Arrangements; The Central Selling Organisation of the De Beers Group; Essential Aspects of the Bunching System of Distribution; II. Bunching in the New Issue Market; Eliminating the Adverse Selection Bias by Bunching; The Importance of the Method of Distributing New Issues; Modelling the Preferential Allotments to Uninformed; The Role of Under Pricing with Bunching; III. Institutional Arrangements in UK and US; The Offer for Sale; The Placement of the London Stock Exchange
The IPO in the USTesting the Importance of Distribution; Chapter 4 Testing the Efficiency of New Issue Markets; Introduction; I. Testing the Efficiency of New Issue Markets; Zero Expected Returns to Uninformed Investors; Zero Expected Returns from Underwriting; Testing Efficiency of the Offer for Sale; II. Evidence on Under Pricing from the UK; The Distribution of Initial Returns in the UK; The Demand Function for New Issues; The Relative Magnitude of Informed and Uninformed Demand; The Risk Neutrality Assumption; III. The Expected Returns for the Uninformed Investor
Notes Estimating Expected Return for the Uninformed
Print version record
Subject Stocks-Prices-United States
Stocks-Prices-United States-Mathematical models
Form Electronic book
ISBN 9781351273039
1351273035