Зашто долази до потцењености акција из иницијалне јавне понуде?
Why Does IPO Underpricing Occur?
Published by: Универзитет у Нишу
Keywords: Going Public; Initial Public Offering; Underpricing; Information Asymmetry; Signalling
Summary/Abstract: The initial public offering provides a company with a possibility to raise additional funds through the mechanism of the primary capital market. This is an important milestone in the life cycle of private companies, since it has significant effects on the ownership structure and control rights of existing owners. IPO underpricing is a phenomenon that has attracted great attention in both theoretical and empirical researches, but that, even after nearly four decades of research, is still unresolved in financial sciences. Theoretical models of the IPO underpricing phenomenon are usually focused on information asymmetry and signalling. Due to the existence of information asymmetry, IPO companies are often faced with difficulties in presenting future prospects to potential investors, which implies that investors themselves have difficulties in assessing the value of new issues of shares. Information asymmetry can be observed between different types of investors in the capital market, between the issuer and IPO underwriter, as well as between investors and investment banks.
- Issue Year: 2013
- Issue No: 01
- Page Range: 163-182
- Page Count: 20
- Language: Serbian