Routledge Revivals: The Efficiency of New Issue Markets (1992): 1st Edition (Hardback) book cover

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

1st Edition

By Kyran McStay

Routledge

144 pages

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Description

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.

Table of Contents

1. The Efficiency of New Issue Markets: Introduction

2. The Adverse Selection Model of the New Issue Market

3. Distribution and the Efficiency of New Issue Markets

4. Testing the Efficiency of New Issue Markets

5. Distribution and the Efficiency of New Issue Markets in the US and the UK

6. Summary and Conclusions

Appendix 1: The Nature of the Information Asymmetry

Appendix 2: Mathematical Appendix

Appendix 3: Hot Issue Markets

About the Series

Routledge Revivals

Are there elusive titles that you need and have been trying to source for years but thought that you would never be able to find?

Well this may be the end of your quest – here is a fantastic opportunity for you to discover past brilliance and purchase previously out of print and unavailable titles by some of the world’s most eminent academic scholars.

Drawing from over 100 years of innovative, cutting-edge publishing, Routledge Revivals is an exciting programme whereby key titles from the distinguished and extensive backlist of the many acclaimed imprints associated with Routledge will be re-issued.

The programme draws upon the illustrious backlists of Kegan Paul, Trench & Trubner, Routledge & Kegan Paul, Methuen, Allen & Unwin and Routledge itself.

Routledge Revivals spans the whole of the Humanities and Social Sciences, and includes works by some of the world’s greatest thinkers including Emile Durkheim, Max Weber, Simone Weil, Martin Buber, Karl Jaspers and Max Beloff.

If you are interested in Revivals in the Behavioral Sciences, please visit https://www.routledge.com/series/PSYREVIVALS

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General