The underpricing of Brazilian IPOs and the adjustment to public and private information

Detalhes bibliográficos
Autor(a) principal: Avelino,Ricardo R.G.
Data de Publicação: 2013
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402013000100001
Resumo: This paper examines the underwriters' treatment of information throughout the IPO pricing process based on a sample of Brazilian companies that went public between 2004 and 2011. There is evidence that the offer price partially incorporates the information contained into the Bovespa index during the book-building period, reacting symmetrically to upward and downward movements. The first-day return, as a result, is predictable on the basis of this information. Positive private information disclosed during the book-building period is also partially incorporated into the offer price. Issues priced above the midpoint of the initial price range are associated with higher initial returns.
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spelling The underpricing of Brazilian IPOs and the adjustment to public and private informationIPOUnderpricingPartial AdjustmentBook-BuildingThis paper examines the underwriters' treatment of information throughout the IPO pricing process based on a sample of Brazilian companies that went public between 2004 and 2011. There is evidence that the offer price partially incorporates the information contained into the Bovespa index during the book-building period, reacting symmetrically to upward and downward movements. The first-day return, as a result, is predictable on the basis of this information. Positive private information disclosed during the book-building period is also partially incorporated into the offer price. Issues priced above the midpoint of the initial price range are associated with higher initial returns.Fundação Getúlio Vargas2013-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402013000100001Revista Brasileira de Economia v.67 n.1 2013reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402013000100001info:eu-repo/semantics/openAccessAvelino,Ricardo R.G.eng2013-04-12T00:00:00Zoai:scielo:S0034-71402013000100001Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2013-04-12T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv The underpricing of Brazilian IPOs and the adjustment to public and private information
title The underpricing of Brazilian IPOs and the adjustment to public and private information
spellingShingle The underpricing of Brazilian IPOs and the adjustment to public and private information
Avelino,Ricardo R.G.
IPO
Underpricing
Partial Adjustment
Book-Building
title_short The underpricing of Brazilian IPOs and the adjustment to public and private information
title_full The underpricing of Brazilian IPOs and the adjustment to public and private information
title_fullStr The underpricing of Brazilian IPOs and the adjustment to public and private information
title_full_unstemmed The underpricing of Brazilian IPOs and the adjustment to public and private information
title_sort The underpricing of Brazilian IPOs and the adjustment to public and private information
author Avelino,Ricardo R.G.
author_facet Avelino,Ricardo R.G.
author_role author
dc.contributor.author.fl_str_mv Avelino,Ricardo R.G.
dc.subject.por.fl_str_mv IPO
Underpricing
Partial Adjustment
Book-Building
topic IPO
Underpricing
Partial Adjustment
Book-Building
description This paper examines the underwriters' treatment of information throughout the IPO pricing process based on a sample of Brazilian companies that went public between 2004 and 2011. There is evidence that the offer price partially incorporates the information contained into the Bovespa index during the book-building period, reacting symmetrically to upward and downward movements. The first-day return, as a result, is predictable on the basis of this information. Positive private information disclosed during the book-building period is also partially incorporated into the offer price. Issues priced above the midpoint of the initial price range are associated with higher initial returns.
publishDate 2013
dc.date.none.fl_str_mv 2013-03-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402013000100001
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402013000100001
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402013000100001
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.67 n.1 2013
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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