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...
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2016
|
| Subjects: | |
| 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 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | Singapore Management University |
| Language: | English |