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Q2241602
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Os autores do texto sugerem que
Q2241599
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
In the text, an adequate synonym for major is
Q2241598
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (...53...).
Q2241597
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (...52...).
Q2241596
Inglês
Texto associado
From the IPO to the First Trade: Is Underpricing Related to the
Trading Mechanism?
Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature
has linked the size of underpricing to the IPO procedure used on
the primary market. In this paper, by using a matched sample of
NYSE and Nasdaq IPOs, we show that the size of underpricing
also depends on the trading method used in the IPO
aftermarket.
There are two major methods of opening trading of initial
public offerings (IPOs) in the U.S. The NYSE is an order-driven
market ....51.... a call auction allows supply and demand to be
aggregated (at one location) prior to the start of trading. ....52.... ,
Nasdaq is a quote-driven market. Dealers can only specify their
best quotes, and participants have ....53.... idea of supply and
demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm
value and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the
NYSE. This in turn is associated with larger levels of
underpricing for Nasdaq IPOs. We suggest that this may be due
to the different informational efficiency of the two trading
systems.
(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
Para responder à questão,
assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (...51...).
Q2241563
Matemática
Na figura, as faces em contato de dois dados possuem o
mesmo número.
Se a soma dos números nas faces opostas de cada dado é sempre igual a 7, a maior soma possível dos números nas três faces sombreadas da figura é
Se a soma dos números nas faces opostas de cada dado é sempre igual a 7, a maior soma possível dos números nas três faces sombreadas da figura é
Q2241545
Sistemas de Informação
Os sistemas denominados genericamente de ORMS,
Operation Resource Management System, aparecem em
destaque no segmento de
Q2241544
Sistemas de Informação
Uma transação Web, quando realiza todos os comandos
entre os Begin e Commit (ou Begin e Abort ou Begin e
End), atende a uma propriedade denominada
Q2241543
Sistemas de Informação
Um objeto padrão "Cesta de Compra" deve ser
considerado quando se projeta o sistema de e-Commerce
de um modelo de negócio definido para a abordagem
Q2241542
Sistemas de Informação
O projeto de e-Business, no qual o site de uma empresa é
acessado por clientes que fazem ofertas de negociação de
produtos ou serviços desta, será implementado segundo
um modelo
Q2241541
Redes de Computadores
A gerência das transações entre uma estação cliente e um
servidor Web é realizada pelo
Q2241540
Arquitetura de Computadores
NÃO é uma arquitetura de máquinas servidoras para uma
instalação com ambiente cliente/servidor:
Q2241539
Banco de Dados
O serviço OLAP da camada servidora, em que os dados
granulares estarão no SGBDR e os dados agregados no
servidor OLAP, será descrito, no plano de um projeto
cliente/servidor, numa estrutura
Q2241538
Engenharia de Software
No projeto de implementação de um Sistema OO, NÃO se
aplica
Q2241537
Banco de Dados
O modelo de objetos, além do diagrama correspondente,
deve ser complementado com
Q2241536
Engenharia de Software
Considerando as etapas de análise, projeto do sistema,
projeto de objetos e projeto de implantação, o documento
final do projeto do sistema deve conter
Q2241535
Engenharia de Software
Dois diferentes tipos de estruturas básicas, aplicados em
projetos de programas estruturados, são representados
pelas estruturas lógicas
Q2241534
Arquitetura de Computadores
Num projeto estruturado de sistemas, a alocação dos processos essenciais, dos depósitos de dados e dos processadores, segundo Yourdon, deve ser representada no
Q2241533
Engenharia de Software
O projeto estruturado de sistemas, segundo Yourdon, é
desenvolvido a partir do modelo
Q2241532
Gerência de Projetos
O WBS, Word Breakdown Structure, é a principal
ferramenta de gerenciamento de
Conheça nossos planos