Atanu Saha & Allen Ferrell, an asymmetric payoff-based explanation of ipo "underpricing
by Theodore N. Mirvis
"The widely studied phenomenon of underpricing of new issues of common stock can be explained by underwriters' payoff asymmetry. Under uncertain investors' demand for a new issue, the underwriter's downside risk if he overestimates demand can be significantly larger than the upside potential when he underestimates demand. To protect himself from the large downside risk of overestimating demand, the underwriter rationally chooses a lower offer price than he would have in the absence of demand uncertainty"--John M. Olin Center for Law, Economics, and Business web site.
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Atanu Saha & Allen Ferrell, an asymmetric payoff-based explanation of ipo "underpricing
2007, Harvard Law School
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Title from PDF file as viewed on 6/28/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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