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Abstract
ABSTRACTThis study examines the relationship between the characteristics that define initial public offerings (IPOs) and the post-offering liquidity of stocks outstanding. We argue that higher under-pricing, relative size and retail composition of the offerings will result in higher post-listing liquidity. Based on a sample of Spanish IPOs, our results reveal that liquidity can be explained by a set of IPO characteristics. Furthermore, the results remain robust after removing the market effect and adding other IPO characteristics, such as stabilization agreements, lockup restrictions and the reputation of underwriters, insurers and auditors.
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Schedule a callMore From: Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad
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