Price stabilization of initial public offerings (IPOs) is a legal form of stock manipulation, initiated by the lead underwriter to facilitate the distribution of IPO shares. In this paper, we develop two new methods to detect price stabilization based on the transaction patterns in the secondary market after issuance. Using these methods, we find that prestigious lead under-writers are more likely to stabilize an IPO in the secondary market after issuance. The results are consistent with lead underwriters acting to preserve their reputation capital as underwriters of initial public offerings when IPO transaction prices do not increase after issuance.
為了持續優化網站功能與使用者體驗,本網站將Cookies分析技術用於網站營運、分析和個人化服務之目的。
若您繼續瀏覽本網站,即表示您同意本網站使用Cookies。