Liquidity Benefits from IPO Underpricing: Ownership Dispersion or Information Effect
研究了IPO折价如何通过所有权分散和信息生产两个渠道改善二级市场流动性，发现分析师覆盖降低信息不对称成本的作用更显著。
The positive correlation between initial underpricing and liquidity in the secondary market several months after an initial public offering (IPO) has previously been attributed to ownership dispersion induced by underpricing. We find that public information production is another channel by which underpricing improves liquidity. Using a sample of IPOs from Euronext, we find that analyst coverage engendered by initial underpricing reduces information asymmetry costs and illiquidity in the secondary market. The impact of information asymmetry is statistically more significant on measures based on adverse selection costs than on those based on the proportion of informed traders in the market.