Do IPOs Affect the Prices of Other Stocks ? Evidence from Emerging Markets

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dc.contributor.authorBraun, Matias
dc.contributor.authorLarrain, Borja
dc.date.accessioned2024-01-10T13:12:26Z
dc.date.available2024-01-10T13:12:26Z
dc.date.issued2009
dc.description.abstractWe 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.
dc.fechaingreso.objetodigital2024-04-29
dc.format.extent40 páginas
dc.fuente.origenWOS
dc.identifier.doi10.1093/rfs/hhn025
dc.identifier.eissn1465-7368
dc.identifier.issn0893-9454
dc.identifier.urihttps://doi.org/10.1093/rfs/hhn025
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/78185
dc.identifier.wosidWOS:000264397900005
dc.information.autorucEscuela de Administración;Larraín B;S/I;1815
dc.issue.numero4
dc.language.isoen
dc.nota.accesocontenido parcial
dc.pagina.final1544
dc.pagina.inicio1505
dc.publisherOXFORD UNIV PRESS INC
dc.revistaREVIEW OF FINANCIAL STUDIES
dc.rightsacceso restringido
dc.subjectG12
dc.subjectG14
dc.subjectG15
dc.subjectDEMAND CURVES
dc.subjectINVESTOR PROTECTION
dc.subjectFINANCIAL-MARKETS
dc.subjectEQUITY MARKETS
dc.subjectCROSS-SECTION
dc.subjectASSET PRICES
dc.subjectRETURNS
dc.subjectINFORMATION
dc.subjectINDUSTRY
dc.subjectINTEGRATION
dc.subject.ods08 Decent Work and Economic Growth
dc.subject.odspa08 Trabajo decente y crecimiento económico
dc.titleDo IPOs Affect the Prices of Other Stocks ? Evidence from Emerging Markets
dc.typeartículo
dc.volumen22
sipa.codpersvinculados1815
sipa.indexWOS
sipa.indexScopus
sipa.trazabilidadCarga SIPA;09-01-2024
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