Initial Public Offering Underpricing: The Issuer's View—A Comment
探讨IPO抑价及其隐含的财富转移，发现初始回报能衡量抑价的发行成本效应，并提出了每股留存财富效应的衡量方法，指出Dawson的衡量方法仅在全部老股东股份在IPO中出售时适用。
ABSTRACT I consider the underpricing of initial public offerings (IPOs) and the wealth transfers implicit in that underpricing. I find that initial returns properly measure the “issue cost” effect of underpricing as a fraction of offer size, as in Ritter (1987) . I present a measure of the wealth effect of underpricing per share retained. In general, the wealth effects on existing shareholders depend on the extent to which they participate in the offering. From the perspective of issuer's wealth, I find that Dawson's (1987) measure is appropriate only in the special case in which all of the prior owners'; shares are sold in the IPO.