Investigación
calendar_month Publicación: 24/12/2009
Do IPOs affect the prices of other stocks? Evidence from emerging markets
Autor: Braun M., Borja Larraín
We show that the introduction of a large asset permanently affects the prices of existing assets in a market. Using data from 254 initial public offerings (IPOs) in 22 emerging markets, we find that portfolios that covary highly with the IPO experience a decline in prices relative to other portfolios during the month of the issue. The effects are stronger when the IPO is issued in a market that is less integrated internationally and when the IPO is bigger. This evidence is consistent with the idea that shocks to asset supply have a significant effect on asset prices.
Fuente: Review of Financial Studies
Número: 22, Volumen: 4, Páginas: 1505-1544
IF: 3,551, AI: 6,318
