Handbook of Research on IPOs
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Handbook of Research on IPOs

Edited by Mario Levis and Silvio Vismara

The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.
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Chapter 16: IPO pricing and ownership structure: the business-group effect

Aharon Cohen Mohliver, Gitit Gur-Gershgorn and Shinjinee Chattopadhyay


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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