Chapter 16: IPO pricing and ownership structure: the business-group effect
When firms first go public, they tend to experience a surge in share price. Academics have been documenting this phenomenon, and trying to explain it, since the 1970s (Ibbotson, 1975; Reilly, 1973; Ritter, 1998; Ritter and Welch, 2002; Stoll and Curley, 1970). Citing studies produced as early as 1957, Stoll and Curley (1970) make these observations on this ‘remarkable price appreciation’.
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