The Effect of the Trading System on the Underpricing of Initial Public Offerings
比较了纳斯达克与交易所（纽交所、美交所）上市IPO的抑价程度，并检验上市标准差异对抑价水平的影响。
Several studies have documented significant average underpricing for initial public offerings (IPOs) of common stock on the NASDAQ system - that is, the closing price on the first day of trading is significantly higher on average than the offer price. In our paper, we examine whether IPOs on the exchanges (NYSE and AMEX) display similar underpricing. In addition, we test whether differences in the initial and continued listing standards imposed by the exchanges and NASDAQ impact the level of underpricing of IPOs.