Underpricing of Newly Issued Bonds: Evidence from the Swiss Capital Market
研究1980-1982年瑞士资本市场新发行债券的定价，发现发行日存在轻微抑价，约等于新旧债券交易成本差，且上市交易两天后抑价消失，利率意外变化可解释部分抑价。
ABSTRACT The pricing of newly issued bonds on the Swiss capital market is investigated over the years 1980–1982. The results reveal a slight underpricing of new bonds at the issue date that is roughly equal to the difference in transactions costs between the markets for new and seasoned bonds. Underpricing is no longer observed when the new bonds start to be traded on the stock exchange, that is, after about two days. Tests of several hypotheses show that unexpected changes in interest rates over the offering period explain part of the underpricing.