IPO Underpricing, Post-Listing Liquidity, and Information Asymmetry in the Secondary Market

Gajewski, Jean-François; Gresse, Carole

Gajewski, Jean-François; Gresse, Carole (2008), IPO Underpricing, Post-Listing Liquidity, and Information Asymmetry in the Secondary Market, 21st Australasian Finance and Banking Conference, 2008-12, Sydney, Australie

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Type

Communication / Conférence

Date

2008

Titre du colloque

21st Australasian Finance and Banking Conference

Date du colloque

2008-12

Ville du colloque

Sydney

Pays du colloque

Australie

Métadonnées

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Auteur(s)

Gajewski, Jean-François
Gresse, Carole

Résumé (FR)

Using a ten-year sample of IPOs undertaken on Euronext with various mechanisms, our study examines the relationship between initial returns and post-listing liquidity, and tests whether it is influenced by ownership structure and information asymmetry. According to most of our findings, post-listing liquidity is positively related to initial underpricing, but we fail to prove that this relation is formed through ownership dispersion. It is more likely attributable to the interest underpriced stocks generate. Information asymmetry is negatively linked to the level of initial underpricing, suggesting that more public information is produced on more underpriced IPOs.