Decimalization, IPO Aftermath and Liquidity

This paper investigates the effect of decimalization on the aftermarket trading of NYSE-listed IPOs. We find that after decimalization, the relation between spreads and underpricing becomes negative, which suggests that the benefits from the increased price competition accrue more to hot IPOs. The d...

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Bibliographic Details
Main Authors: Charoenwong, C., DING, David K., Thong, Tiong Yang
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2005
Subjects:
IPO
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/726
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Institution: Singapore Management University
Language: English
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