Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/13572
Title: Valuation of global IPOs : a stochastic frontier approach
Authors: Chan, YC 
Wu, C
Kwok, CCY
Keywords: Global offerings
Stochastic frontier estimation
Valuation efficiency
Issue Date: 2007
Source: Review of quantitative finance and accounting, 2007, v. 29, no. 3, p. 267-284 How to cite?
Journal: Review of Quantitative Finance and Accounting 
Abstract: This paper studies the impact of global offerings on US IPO firms' offer price using the stochastic frontier approach. We find that the offer price valuation efficiency for global IPOs exceeds that of IPOs with purely domestic offers by 3.1%. In particular, the global offering approach is most appropriate to those IPO firms, which offer larger proportion of new shares to international investors, underwritten by less prestigious investment banks and with larger firm-specific return variance. Our findings are consistent with the demand inelasticity, certification effect and investor recognition arguments that account for the benefits of global offering.
URI: http://hdl.handle.net/10397/13572
ISSN: 0924-865X
DOI: 10.1007/s11156-007-0035-x
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