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

1st Edition

Kyran McStay

Routledge
Published December 15, 2017
Reference - 144 Pages
ISBN 9781138574908 - CAT# Y382584
Series: Routledge Revivals

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Summary

First published in 1992, The Efficiency of New Issue Markets provides a theoretical discussion of the adverse selection model of the new issue market. It 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 and in turn demonstrates the importance of distribution in determining relative efficiency. The book provides a comprehensive overview of under-pricing and through this assesses the efficiency of new issue markets.

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