Abstract

http://ssrn.com/abstract=1087644
 
 

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Dual Class IPOs are Underpriced Less Severely


Scott Smart


Indiana University - Kelley School of Business - Department of Finance

Chad J. Zutter


University of Pittsburgh - Finance Group


Financial Review, Vol. 43, Issue 1, pp. 85-106, February 2008

Abstract:     
We analyze a sample of dual and single class initial public offerings (IPOs) to investigate whether empirical estimates of underpricing determinants are consistent across alternative measures of firm size and alternative techniques intended to account for underwriter price stabilization efforts. We find that results from long-standing methods for estimating underpricing relations are generally robust to one's choice of size proxy and are consistent with estimates obtained from censored regressions of first-day returns and from least squares regressions of longer horizon initial returns. We also confirm an existing finding in the literature that dual class IPOs endure less underpricing than do single class firms.

Number of Pages in PDF File: 22

Accepted Paper Series





Date posted: January 29, 2008  

Suggested Citation

Smart, Scott and Zutter, Chad J., Dual Class IPOs are Underpriced Less Severely. Financial Review, Vol. 43, Issue 1, pp. 85-106, February 2008. Available at SSRN: http://ssrn.com/abstract=1087644 or http://dx.doi.org/10.1111/j.1540-6288.2007.00187.x

Contact Information

Scott B. Smart (Contact Author)
Indiana University - Kelley School of Business - Department of Finance ( email )
1309 E. 10th St.
Kelley School of Business
Bloomington, IN 47405
United States
812-855-3401 (Phone)
812-855-5875 (Fax)

Chad J. Zutter
University of Pittsburgh - Finance Group ( email )
352 Mervis Hall, Katz GSOB
University of Pittsburgh
Pittsburgh, PA 15260
United States
412-648-2159 (Phone)
412-648-1693 (Fax)
HOME PAGE: http://www.pitt.edu/~czutter/
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