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

1st Edition

Kyran McStay

Routledge
September 30, 2019 Forthcoming
Reference - 144 Pages
ISBN 9781138574922 - CAT# Y382586
Series: Routledge Revivals

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Summary

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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