A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä
Are Mondays different? Evidence from initial public offerings
Tekijät: Chowdhury, Abu; Vaihekoski, Mika; Zaman, Mir
Kustantaja: Elsevier
Julkaisuvuosi: 2024
Journal: Global Finance Journal
Tietokannassa oleva lehden nimi: Global Finance Journal
Artikkelin numero: 101043
Vuosikerta: 63
ISSN: 1044-0283
eISSN: 1873-5665
DOI: https://doi.org/10.1016/j.gfj.2024.101043
Verkko-osoite: https://doi.org/10.1016/j.gfj.2024.101043
Rinnakkaistallenteen osoite: https://research.utu.fi/converis/portal/detail/Publication/458390045
This paper investigates how and why initial public offerings (IPOs) issued on Mondays differ from those on other days. We provide evidence that Monday IPOs make a significantly larger number of filing price amendments during the road show and set offer prices that exceed the filing price range, resulting in higher positive offer price revisions. We also find that Monday IPOs receive less analyst coverage than other-day IPOs, despite their underwriting fees being the same and their total underwriter compensation being higher. Therefore, Monday IPOs are more likely to change lead underwriters in subsequent equity offerings and have a higher risk of delisting as aftermarket support and maintaining good relations with investment banks are critical for their long run survival. We also investigate why underwriters issue IPOs on Mondays. We suggest four possible explanations for Monday IPOs and find indirect evidence that supports the deliberate road show extension explanation.
Ladattava julkaisu This is an electronic reprint of the original article. |  |
Julkaisussa olevat rahoitustiedot:
Abu Chowdhury would like to thank OP Group Research Foundation for financial support.
