A Direct Test of Rock's Model of the Pricing of Unseasoned Issues

Unique data availability and institutional arrangements for new issues in Singapore allow a direct test of the empirical implications of Rock's model of pricing unseasoned new issues. Our empirical results are consistent with the model. Specifically we find that the unseasoned new issues'...

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Main Authors:	KOH, Francis, WALTER, Terry
Format:	text
Language:	English
Published:	Institutional Knowledge at Singapore Management University 1989
Subjects:	Business Finance and Financial Management Management Sciences and Quantitative Methods
Online Access:	https://ink.library.smu.edu.sg/lkcsb_research/617 https://ink.library.smu.edu.sg/context/lkcsb_research/article/1616/viewcontent/unseasonedIssues_pv.pdf
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Institution:	Singapore Management University
Language:	English

id	sg-smu-ink.lkcsb_research-1616
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spelling	sg-smu-ink.lkcsb_research-16162024-01-26T06:23:14Z A Direct Test of Rock's Model of the Pricing of Unseasoned Issues KOH, Francis WALTER, Terry Unique data availability and institutional arrangements for new issues in Singapore allow a direct test of the empirical implications of Rock's model of pricing unseasoned new issues. Our empirical results are consistent with the model. Specifically we find that the unseasoned new issues' anomaly disappears when the rationing associated with new issues is incorporated into the analysis. The winner's curse is evident in allocation patterns used in Singapore. 1989-08-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/617 info:doi/10.1016/0304-405x(89)90058-5 https://ink.library.smu.edu.sg/context/lkcsb_research/article/1616/viewcontent/unseasonedIssues_pv.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Business Finance and Financial Management Management Sciences and Quantitative Methods
institution	Singapore Management University
building	SMU Libraries
continent	Asia
country	Singapore Singapore
content_provider	SMU Libraries
collection	InK@SMU
language	English
topic	Business Finance and Financial Management Management Sciences and Quantitative Methods
spellingShingle	Business Finance and Financial Management Management Sciences and Quantitative Methods KOH, Francis WALTER, Terry A Direct Test of Rock's Model of the Pricing of Unseasoned Issues
description	Unique data availability and institutional arrangements for new issues in Singapore allow a direct test of the empirical implications of Rock's model of pricing unseasoned new issues. Our empirical results are consistent with the model. Specifically we find that the unseasoned new issues' anomaly disappears when the rationing associated with new issues is incorporated into the analysis. The winner's curse is evident in allocation patterns used in Singapore.
format	text
author	KOH, Francis WALTER, Terry
author_facet	KOH, Francis WALTER, Terry
author_sort	KOH, Francis
title	A Direct Test of Rock's Model of the Pricing of Unseasoned Issues
title_short	A Direct Test of Rock's Model of the Pricing of Unseasoned Issues
title_full	A Direct Test of Rock's Model of the Pricing of Unseasoned Issues
title_fullStr	A Direct Test of Rock's Model of the Pricing of Unseasoned Issues
title_full_unstemmed	A Direct Test of Rock's Model of the Pricing of Unseasoned Issues
title_sort	direct test of rock's model of the pricing of unseasoned issues
publisher	Institutional Knowledge at Singapore Management University
publishDate	1989
url	https://ink.library.smu.edu.sg/lkcsb_research/617 https://ink.library.smu.edu.sg/context/lkcsb_research/article/1616/viewcontent/unseasonedIssues_pv.pdf
_version_	1789483292019392512

A Direct Test of Rock's Model of the Pricing of Unseasoned Issues

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