IRIS PubliCatt
PubliCatt è il repository istituzionale ad accesso aperto dell'Università Cattolica del Sacro Cuore, dove gli utenti autorizzati afferenti all'Ateneo provvedono direttamente e autonomamente a depositare e a rendere visibili le proprie pubblicazioni, inserendo i dati descrittivi del documento stesso ("metadati", quali il titolo, autore, abstract, etc.) e, laddove possibile, il testo della pubblicazione stessa (full-text).
PubliCatt utilizza la piattaforma IRIS (Institutional Research Information System) sviluppata da CINECA.
EnglishValuing initial public offerings (IPOs) using multiples allows underwriters discretion when selecting comparable firms. We find that they systematically exclude candidate comparable firms that make a given IPO appear overvalued. On average, comparable firms published in official prospectuses have 13%-38% higher valuation multiples than those obtained from matching algorithms or selected by sell-side analysts, including the same underwriter's analyst after the IPO. Even if IPOs are priced at a discount as compared to peers selected by the underwriters, they are still at a premium with regard to alternatively selected peers. Greater bias in the underwriter's selection of peers leads to poorer long run performance.
Paleari, S., Signori, A., Vismara, S., How Do Underwriters Select Peers When Valuing IPOs?, <<FINANCIAL MANAGEMENT>>, 2014; 43 (4): 731-755. [doi:10.1111/fima.12060] [http://hdl.handle.net/10807/66273]
| Autori: | ||
| Titolo: | How Do Underwriters Select Peers When Valuing IPOs? | |
| Digital Object Identifier (DOI): | http://dx.doi.org/10.1111/fima.12060 | |
| Data di pubblicazione: | 2014 | |
| Abstract: | Valuing initial public offerings (IPOs) using multiples allows underwriters discretion when selecting comparable firms. We find that they systematically exclude candidate comparable firms that make a given IPO appear overvalued. On average, comparable firms published in official prospectuses have 13%-38% higher valuation multiples than those obtained from matching algorithms or selected by sell-side analysts, including the same underwriter's analyst after the IPO. Even if IPOs are priced at a discount as compared to peers selected by the underwriters, they are still at a premium with regard to alternatively selected peers. Greater bias in the underwriter's selection of peers leads to poorer long run performance. | |
| Lingua: | Inglese | |
| Rivista: | ||
| Citazione: | Paleari, S., Signori, A., Vismara, S., How Do Underwriters Select Peers When Valuing IPOs?, <<FINANCIAL MANAGEMENT>>, 2014; 43 (4): 731-755. [doi:10.1111/fima.12060] [http://hdl.handle.net/10807/66273] | |
| Appare nelle tipologie: | Articolo in rivista, Nota a sentenza |
File in questo prodotto:
http://hdl.handle.net/10807/66273
Copyright © 2021