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dc.contributor.authorAlanazi, Ahmed S
dc.contributor.authorLiu, Benjamin
dc.contributor.authorAl-Zoubi, Haitham A
dc.date.accessioned2019-03-20T05:41:18Z
dc.date.available2019-03-20T05:41:18Z
dc.date.issued2016
dc.identifier.issn0003-6846
dc.identifier.doi10.1080/00036846.2016.1186794
dc.identifier.urihttp://hdl.handle.net/10072/101131
dc.description.abstractHow do supply, demand and allocation of shares on the underpricing of initial public offerings (IPOs) affect the shape and steepness of supply and demand curves? Theoretical studies posit that subscribers ‘flip’ in IPOs immediately on the listing day to capture instantaneous profits. Consistent with this hypothesis, we find that both curves of the market listing day of IPOs are significantly negatively sloped with the supply curve being much steeper and above the demand curve. The excess demand that occurs during the subscription period becomes excess supply once the shares start to float on the listing day. Overall, we establish a strong empirical link between the underpricing puzzle and the aftermarket interaction of IPOs.
dc.description.peerreviewedYes
dc.languageEnglish
dc.publisherRoutledge
dc.relation.ispartofpagefrom5835
dc.relation.ispartofpageto5849
dc.relation.ispartofissue60
dc.relation.ispartofjournalApplied Economics
dc.relation.ispartofvolume48
dc.subject.fieldofresearchApplied Economics not elsewhere classified
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchEconometrics
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode140299
dc.subject.fieldofresearchcode1402
dc.subject.fieldofresearchcode1403
dc.subject.fieldofresearchcode1502
dc.subject.keywordsInitial public offerings
dc.subject.keywordsSupply and demand
dc.subject.keywordsUnderpricing
dc.subject.keywordsAllocation
dc.titleIPO underpricing in supply and demand framework: evidence from a market of retailers
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.hasfulltextNo Full Text
gro.griffith.authorLiu, Benjamin


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