THE UNDERPRICING OF IPOS OF FINANCIAL INSTITUTIONS
研究1983至1987年间185家银行和储蓄贷款协会的IPO抑价，发现金融机构IPO抑价显著低于非金融机构，尤其非转制机构更低。
This paper examines the underpricing of IPOs of financial institutions over the period 1983 to 1987. Based on a sample of 185 banks and savings and loan associations (including S&L conversions) and a control sample of 1,361 industrial firms, results indicate that in general IPOs of financial institutions are significantly less underpriced than those of the non‐financial institutions. In particular, the IPOs of non‐S&L conversion financial institutions are less underpriced than the IPOs of non‐financial institutions.