The role of admission documents on the pricing of UK fixed priced IPOs

Falconieri, S. and Tastan, M. 2018. The role of admission documents on the pricing of UK fixed priced IPOs. Economics Letters. 173, pp. 44-46. doi:10.1016/j.econlet.2018.09.007

TitleThe role of admission documents on the pricing of UK fixed priced IPOs
TypeJournal article
AuthorsFalconieri, S. and Tastan, M.
Abstract

Using text analysis, we investigate the impact of the length of prospectuses on IPO pricing for a sample of UK Fixed Priced IPOs between 2004 and 2012 and show more information in the prospectus improves price accuracy as longer admission documents exhibit higher offer price and less underpricing. We explain the effect on the offer price as the consequence of the “pilot fishing” stage which seems to characterize a lot of UK IPOs.

KeywordsFixed Pricing, IPO, Textual Analysis
JournalEconomics Letters
Journal citation173, pp. 44-46
ISSN0165-1765
Year2018
PublisherElsevier
Accepted author manuscript
Digital Object Identifier (DOI)doi:10.1016/j.econlet.2018.09.007
Publication dates
Published online25 Sep 2018
Published in printDec 2018
LicenseCC BY-NC-ND 4.0

Related outputs

Size and diversity in VC syndicates and their impact on IPO performance
Falconieri, S., Filatotchev, I. and Tastan, M. 2019. Size and diversity in VC syndicates and their impact on IPO performance. European Journal of Finance. 25 (11), pp. 1032-1053. doi:10.1080/1351847X.2018.1560345

Permalink - https://westminsterresearch.westminster.ac.uk/item/q949w/the-role-of-admission-documents-on-the-pricing-of-uk-fixed-priced-ipos


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