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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