Routledge Revivals

The Efficiency of New Issue Markets (1992)
1. Auflage 2019
ISBN: 978-1-138-57492-2
Verlag: Routledge

Buch, Englisch, 148 Seiten, Format (B × H): 156 mm x 234 mm, Gewicht: 234 g

Reihe: Routledge Revivals

First published in 1992, The Efficiency of New Issue Markets provides a comprehensive overview of under-pricing and through this assess the efficiency of new issue markets. The book provides a further theoretical development of the adverse selection model of the new issue market and addresses the hypothesis that the method of distribution of new issues has an important bearing on the efficiency of these markets. In doing this, the book tests the efficiency of the Offer for Sale new issue market, which demonstrates the validity of the adverse selection model and contradicts the monopsony power hypothesis. This examines the relative efficiency of the new issue markets which demonstrates the importance of distribution in determining relative efficiency.

Autoren/Hrsg.

McStay, Kyran

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein

Inhaltsverzeichnis

1. The Efficiency of New Issue Markets: Introduction 2. The Adverse Selection Model of the New Issue Market 3. Distribution and the Efficiency of New Issue Markets 4. Testing the Efficiency of New Issue Markets 5. Distribution and the Efficiency of New Issue Markets in the US and the UK 6. Summary and Conclusions Appendix 1: The Nature of the Information Asymmetry Appendix 2: Mathematical Appendix Appendix 3: Hot Issue Markets

Über Autor(innen)

Kyran McStay