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Routledge Revivals: The Efficiency of New Issue Markets (1992)

Routledge Revivals: The Efficiency of New Issue Markets (1992)

Paperback

Series: Routledge Revivals

EconomicsGeneral Science

ISBN10: 1138574929
ISBN13: 9781138574922
Publisher: Routledge
Published: Oct 31 2019
Pages: 144
Weight: 0.45
Height: 0.40 Width: 6.20 Depth: 9.20
Language: English

First published in 1992, The Efficiency of New Issue Markets provides a comprehensive overview of under-pricing and through this assess the efficiency of new issue markets. The book provides a further theoretical development of the adverse selection model of the new issue market and addresses the hypothesis that the method of distribution of new issues has an important bearing on the efficiency of these markets. In doing this, the book tests the efficiency of the Offer for Sale new issue market, which demonstrates the validity of the adverse selection model and contradicts the monopsony power hypothesis. This examines the relative efficiency of the new issue markets which demonstrates the importance of distribution in determining relative efficiency.

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