دانلود مقاله ISI انگلیسی شماره 50714
ترجمه فارسی عنوان مقاله

فروش استقراضی در عرضه اولیه عمومی

عنوان انگلیسی
Short selling in initial public offerings ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
50714 2010 19 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 98, Issue 1, October 2010, Pages 21–39

ترجمه کلمات کلیدی
فروش استقراضی - عرضه اولیه عمومی -
کلمات کلیدی انگلیسی
G14; G24; G28
پیش نمایش مقاله
پیش نمایش مقاله  فروش استقراضی در عرضه اولیه عمومی

چکیده انگلیسی

Short sale constraints in the aftermarket of initial public offerings (IPOs) are often used to explain short-term underpricing that is subsequently reversed. This paper shows that short selling is integral to aftermarket trading and is higher in IPOs with greater underpricing. Perceived restrictions on borrowing shares are not systematically circumvented by “naked” short selling. Short sellers, on average, do not appear to earn abnormal profits in the near term and our findings are not driven by market makers. Short selling in IPOs is not as constrained as suggested by the literature, implying that other factors may be responsible for underpricing.