Kyran McStay

Routledge Revivals: The Efficiency of New Issue Markets (1992) (eBook, PDF)

• Format: PDF

Produktbeschreibung

First published in 1992, The Efficiency of New Issue Markets provides a theoretical discussion of the adverse selection model of the new issue market. It addresses the hypothesis that the method of distribution of new issues has an important bearing on the efficiency of these markets. In doing this, the book tests the efficiency of the Offer for Sale new issue market, which demonstrates the validity of the adverse selection model and contradicts the monopsony power hypothesis. This examines the relative efficiency of the new issue markets and in turn demonstrates the importance of distribution in determining relative efficiency. The book provides a comprehensive overview of under-pricing and through this assesses the efficiency of new issue markets.

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Produktdetails

• Verlag: Taylor & Francis eBooks
• Seitenzahl: 148
• Erscheinungstermin: 5. Februar 2018
• Englisch
• ISBN-13: 9781351273039
• Artikelnr.: 54183387

Autorenporträt

Kyran McStay

Inhaltsangabe

1. The Efficiency of New Issue Markets: Introduction 2. The Adverse
Selection Model of the New Issue Market 3. Distribution and the Efficiency
of New Issue Markets 4. Testing the Efficiency of New Issue Markets 5.
Distribution and the Efficiency of New Issue Markets in the US and the UK
6. Summary and Conclusions Appendix 1: The Nature of the Information
Asymmetry Appendix 2: Mathematical Appendix Appendix 3: Hot Issue Markets