Penny Stock IPOs
研究了1990-1998年间低价股IPO的抑价、长期回报、锁定期和承销费用，发现其初始回报高但长期表现差，且受潜在市场操纵影响。
We examine underpricing, long‐run returns, lockup periods, and gross spreads for penny stock IPOs over the 1990–1998 period. We find that penny stock IPOs have higher initial returns than ordinary IPOs, but significantly worse long‐run underperformance. We also find that penny stock IPOs have longer lockup periods and larger gross spreads. To explore the effect of potential market manipulation, we examine IPOs led by a group of underwriters that were the subject of SEC enforcement actions and/or other penalties. Penny stock issues led by these banks are particularly underpriced and underperform ordinary IPOs led by other underwriters.