000002433 001__ 2433
000002433 005__ 20181220113754.0
000002433 037__ $$aCONFERENCE
000002433 245__ $$aHot markets, underpricing and underperformance :$$bIPO anomalies under the light of modern risk factors
000002433 260__ $$aParis, France$$b22-24 May 2018$$c2018
000002433 269__ $$a2018-05
000002433 300__ $$a41 p.
000002433 506__ $$avisible
000002433 520__ $$9eng$$aThis paper investigates to which extent multifactor asset pricing models can explain the pricing of IPOs in the U.S. market between 1980 and 2015. The paper contributes to the existing literature by demonstrating that the hot market, the underpricing and the underperformance issues can be explained by the general trends and the intensities of various risk factors. We analyse the latter based on the expectation that the number of IPOs, the underpricing and the underperformance are higher when the global economy performs well. In the cases of the hot market and the underpricing, the risk factors are correlated consistently to expectations. However, this is not always the case for IPO underperformance for which coefficients differ from expectations. Finally, the risk factors identified as main predictors differ for the three IPO anomalies.
000002433 592__ $$aEHL
000002433 592__ $$cEconomie et Services
000002433 65017 $$aEconomie/gestion
000002433 6531_ $$9eng$$aIPO
000002433 6531_ $$9eng$$aunderpricing
000002433 6531_ $$9eng$$aunderperformance
000002433 6531_ $$9eng$$ahot market
000002433 6531_ $$9eng$$aasset pricing models
000002433 655_7 $$afull paper
000002433 700__ $$aFauchery, Clémentine$$uEcole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland
000002433 700__ $$aMasset, Philippe$$uEcole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland
000002433 700__ $$aWeisskopf, Jean-Philippe$$uEcole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland
000002433 711__ $$aThe 35th Annual Conference of the French Finance Association (AFFI)$$cParis, France$$d22/05/2018 / 24/05/2018
000002433 773__ $$tProceedings of the 35th Annual Conference of the French Finance Association (AFFI), 2018
000002433 8564_ $$s903374$$uhttps://hesso.tind.io/record/2433/files/Fauchery_hot_markets_underpricing_2018.pdf
000002433 906__ $$aNONE
000002433 909CO $$ooai:hesso.tind.io:2433$$pGLOBAL_SET
000002433 950__ $$aI1
000002433 980__ $$aconference