Total and primary underpricings in the IPO market: are they explained by the same variables?

• Miguel Á. Acedo-Ramírez ^[1] ; Francisco J. Ruiz-Cabestre ^[1]
  1. [1] Universidad de La Rioja

     Universidad de La Rioja

     Logroño, España

     
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 48, Nº 2, 2019, págs. 134-159
• Idioma: inglés
• DOI: 10.1080/02102412.2018.1468642
• Títulos paralelos:
  • Infravaloración total y primaria en el mercado de Ofertas Públicas Iniciales ¿Son explicadas por las mismas variables?
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• Dialnet Métricas: 2 Citas
• Resumen
  • español

    Este estudio contribuye a ampliar la investigación empírica inter- nacional sobre la infravaloración total y primaria en el mercado de IPOs e intenta mostrar que las variables tradicionalmente vincula- das a las asimetrías de información entre empresas, intermediarios e inversores no pueden explicar adecuadamente la infravaloración total (de oferta a cierre). Esto se debe a que, detrás de la infravaloración total, existen variables que explican la infravaloración primaria, asociadas principalmente a asimetrías de información, y variables relacionadas con los precios de apertura en el primer día de negociación, que intentan medir el comporta- miento y la reacción de los inversores e intermediarios a los precios de apertura. Nuestros resultados apuntan a este argu- mento y nos permiten indicar que es más razonable medir la infravaloración a través de la rentabilidad primaria (con precios de apertura) que a través del infravaloración total (con precios de cierre), ya que los precios de cierre están contaminados por dichos comportamientos y reacciones.

  • English

    This study contributes to a broadening of the international scope of empirical research on total and primary underpricings in the IPO market, and tries to show that the variables traditionally linked to information asymmetries between firms, underwriters and investors cannot adequately explain the total (offer-to-close) return. This is because, behind the total underpricing, there are variables that explain the primary return, which are associated mainly with information asymmetries, and variables related to the opening prices on the first trading day, which try to measure the behaviour and reaction of investors and underwriters to opening prices. Our results point towards this argument and allow us to show that it is more reasonable to measure underpricing through primary return (with opening prices) than through total return (with closing prices), since closing prices are contaminated by these behaviours and reactions.

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