Do IPOs Affect the Prices of Other Stocks? Evidence from Emerging Markets

被引:44
作者
Braun, Matias [1 ]
Larrain, Borja [1 ]
机构
[1] Pontificia Univ Catolica Chile, Escuela Adm, Santiago, Chile
关键词
G12; G14; G15; DEMAND CURVES; INVESTOR PROTECTION; FINANCIAL-MARKETS; EQUITY MARKETS; CROSS-SECTION; ASSET PRICES; RETURNS; INFORMATION; INDUSTRY; INTEGRATION;
D O I
10.1093/rfs/hhn025
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We show that the introduction of a large asset permanently affects the prices of existing assets in a market. Using data from 254 initial public offerings (IPOs) in 22 emerging markets, we find that portfolios that covary highly with the IPO experience a decline in prices relative to other portfolios during the month of the issue. The effects are stronger when the IPO is issued in a market that is less integrated internationally and when the IPO is bigger. This evidence is consistent with the idea that shocks to asset supply have a significant effect on asset prices.
引用
收藏
页码:1505 / 1544
页数:40
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