Aftermarket short covering in ipos and long-term stock liquidity

Detalhes bibliográficos
Autor(a) principal: Tolentino, Rodrigo Andrade
Data de Publicação: 2009
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/2789
Resumo: This study investigates the effect of the aftermarket short covering (ASC) carried out by the underwriter during the price stabilization period on stock long-term liquidity. Because the ASC increases liquidity during the stabilization period and liquidity is a persistent characteristic of stocks, the ASC can increase long-term liquidity. In fact, we show that the ASC has a positive effect on liquidity over the 6 months subsequent to the stabilization period. This positive relation holds true even after controlling for many variables found important to explain liquidity by previous authors and the instrumentalization of the ASC.
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spelling Tolentino, Rodrigo AndradeEscolas::EESPCarvalho, Antonio Gledson deNovaes, WalterSouza, André Portela Fernandes de2010-04-20T20:58:13Z2010-04-20T20:58:13Z2009-07-28TOLENTINO, Rodrigo Andrade. Aftermarket short covering in ipos and long-term stock liquidity. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2009.http://hdl.handle.net/10438/2789This study investigates the effect of the aftermarket short covering (ASC) carried out by the underwriter during the price stabilization period on stock long-term liquidity. Because the ASC increases liquidity during the stabilization period and liquidity is a persistent characteristic of stocks, the ASC can increase long-term liquidity. In fact, we show that the ASC has a positive effect on liquidity over the 6 months subsequent to the stabilization period. This positive relation holds true even after controlling for many variables found important to explain liquidity by previous authors and the instrumentalization of the ASC.Este trabalho investiga o efeito da recompra de ações no mercado secundário (ASC), realizada pelo banco de investimento no período de estabilização, sobre a liquidez de longo prazo. Devido ao fato da recompra aumentar a liquidez no período de estabilização e da liquidez seguir processo com dependência de trajetória, a recompra pode elevar a liquidez de longo prazo. Mostramos, neste trabalho, que a recompra tem um efeito positivo sobre a liquidez nos 6 meses subseqüentes ao período de estabilização. Esta relação positiva se mantém mesmo quando as variáveis utilizadas na literatura para explicar a liquidez são usadas como controle e após a instrumentalização da recompra.engAftermarket short coveringLiquidityPrice stabilizationIPOEconomiaLiquidez (Economia)Preços - EstabilizaçãoAções (Finanças) - VendaAftermarket short covering in ipos and long-term stock liquidityinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAILRodrigo_Andrade_Tolentino.pdf.jpgRodrigo_Andrade_Tolentino.pdf.jpgGenerated Thumbnailimage/jpeg2521https://repositorio.fgv.br/bitstreams/8d9ff129-d0a8-4eef-b565-c474fce0046e/downloadbd675ef7d68865839b89c4619b9ec33dMD59TEXTRodrigo_Andrade_Tolentino.pdf.txtRodrigo_Andrade_Tolentino.pdf.txtExtracted 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dc.title.eng.fl_str_mv Aftermarket short covering in ipos and long-term stock liquidity
title Aftermarket short covering in ipos and long-term stock liquidity
spellingShingle Aftermarket short covering in ipos and long-term stock liquidity
Tolentino, Rodrigo Andrade
Aftermarket short covering
Liquidity
Price stabilization
IPO
Economia
Liquidez (Economia)
Preços - Estabilização
Ações (Finanças) - Venda
title_short Aftermarket short covering in ipos and long-term stock liquidity
title_full Aftermarket short covering in ipos and long-term stock liquidity
title_fullStr Aftermarket short covering in ipos and long-term stock liquidity
title_full_unstemmed Aftermarket short covering in ipos and long-term stock liquidity
title_sort Aftermarket short covering in ipos and long-term stock liquidity
author Tolentino, Rodrigo Andrade
author_facet Tolentino, Rodrigo Andrade
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Carvalho, Antonio Gledson de
Novaes, Walter
dc.contributor.author.fl_str_mv Tolentino, Rodrigo Andrade
dc.contributor.advisor1.fl_str_mv Souza, André Portela Fernandes de
contributor_str_mv Souza, André Portela Fernandes de
dc.subject.eng.fl_str_mv Aftermarket short covering
Liquidity
Price stabilization
IPO
topic Aftermarket short covering
Liquidity
Price stabilization
IPO
Economia
Liquidez (Economia)
Preços - Estabilização
Ações (Finanças) - Venda
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Liquidez (Economia)
Preços - Estabilização
Ações (Finanças) - Venda
description This study investigates the effect of the aftermarket short covering (ASC) carried out by the underwriter during the price stabilization period on stock long-term liquidity. Because the ASC increases liquidity during the stabilization period and liquidity is a persistent characteristic of stocks, the ASC can increase long-term liquidity. In fact, we show that the ASC has a positive effect on liquidity over the 6 months subsequent to the stabilization period. This positive relation holds true even after controlling for many variables found important to explain liquidity by previous authors and the instrumentalization of the ASC.
publishDate 2009
dc.date.issued.fl_str_mv 2009-07-28
dc.date.accessioned.fl_str_mv 2010-04-20T20:58:13Z
dc.date.available.fl_str_mv 2010-04-20T20:58:13Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
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status_str publishedVersion
dc.identifier.citation.fl_str_mv TOLENTINO, Rodrigo Andrade. Aftermarket short covering in ipos and long-term stock liquidity. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2009.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/2789
identifier_str_mv TOLENTINO, Rodrigo Andrade. Aftermarket short covering in ipos and long-term stock liquidity. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2009.
url http://hdl.handle.net/10438/2789
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
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