The Effect of the Secondary Market on the Pricing of Initial Public Offerings: Theory and Evidence
从理论和实证上研究二级市场在IPO定价中的作用，认为一级市场不完全覆盖和投资者有限准入导致一二级市场价格差异，即IPO抑价，并用大样本数据验证了理论预测。
This paper provides a theoretical and empirical investigation of the role of the secondary market in the pricing of initial public offerings. We argue that incomplete spanning of the primary issues in the secondary market and limited investor access play an important role in the pricing of initial public offerings. Utilizing a segmented market approach wherein IPO offering values are determined in the primary market and after-market bid prices are determined in the centrally accessed secondary market, we derive a price differential in the primary and secondary markets that is consistent with the received notion of IPO underpricing. Empirical tests on a large sample of IPOs provide results that are consistent with the predictions of our theoretical analysis.