Article : texte imprimé

Initial public offerings as lotteries : Skewness preference and first-day returns

T. Clifton Green, Auteur ; Byoung-Hyoun Hwang, Auteur |

Dans Management science (Vol. 58 N° 2, Février 2012)

We find that initial public offerings (IPOs) with high expected skewness experience significantly greater first-day returns. The skewness effect is stronger during periods of high investor sentiment and is related to differences in skewness acro[...]

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