Decimalization, IPO aftermath, and liquidity

Decimalization, IPO aftermath, and liquidity

We investigate the effect of decimalization on the aftermarket trading of NYSE-listed IPOs. We find that the relation between bid–ask spread and underpricing becomes negative post-decimalization, suggesting that benefits from the increased price competition accrue more to hot IPOs. The quoted depth...

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Bibliographic Details
Main Authors: CHAROENWONG, Charlie, DING, David K., THONG, Tiong Yang
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2016
Subjects:
Decimalization
IPO aftermath
Underpricing
Liquidity
Corporate Finance
Finance and Financial Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/4765
https://ink.library.smu.edu.sg/context/lkcsb_research/article/5764/viewcontent/DecimalizationIPOaftermatLiquidity_2016_afv.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/lkcsb_research/4765
https://ink.library.smu.edu.sg/context/lkcsb_research/article/5764/viewcontent/DecimalizationIPOaftermatLiquidity_2016_afv.pdf

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