.png){kind=icon}
返回
.png){kind=icon}
.png){kind=icon}
.png){kind=icon}
摘要
En 中文
This paper investigates how underwriters set the IPO firm's fair value, an ex-ante estimate of the market value, using a unique dataset of 228 reports from French underwriters. These reports are issued before the IPO shares start trading on the stock market and detail how underwriters determined fair value. We document that underwriters often employ multiples valuation, dividend discount models and discounted cash flow (DCF) analysis to determine fair value but that all of these valuation methods suffer from a positive bias with respect to equilibrium market value. We also analyze how this fair value estimate is subsequently used as a basis for IPO pricing. We report that underwriters deliberately discount the fair value estimate when setting the preliminary offer price. Part of the intentional price discount can be recovered by higher price updates. We find that, controlling for other factors such as investor demand, part of underpricing stems from this intentional price discount. (C) 2012 Elsevier B.V. All rights reserved.
Keyword:
Initial public offerings
Valuation
Going public
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
J
IF:
3.8
论文数:
6.4K
被引数:
2.4W
机构
暂无机构信息
引用论文
.png){kind=icon}
.png){kind=icon}
分享.png){kind=icon}
收藏分享收藏
查看更多内容