Titre
The marketing role of IPOs: evidence from internet stocks
Type
article
Institution
Externe
Périodique
Auteur(s)
Demers, E.
Auteure/Auteur
Lewellen, K.
Auteure/Auteur
Liens vers les personnes
ISSN
0304-405X
Statut éditorial
Publié
Date de publication
2003-06
Volume
68
Numéro
3
Première page
413
Dernière page/numéro d’article
437
Peer-reviewed
Oui
Langue
anglais
Résumé
This paper explores the potential marketing benefits of going public and of IPO underpricing. We examine the impact of IPO underpricing on website traffic, which is a direct measure of product market performance for internet firms. If underpricing attracts media attention and creates valuable publicity, we expect an increase in web traffic following the IPO. We find that web traffic growth in the month after the IPO is positively and significantly associated with initial returns, and the effect is economically significant. We also investigate media reaction to initial returns for a broader sample of IPOs. The results suggest that the marketing benefits of underpricing extend beyond the internet sector and the “hot issues” market of the late 1990s.
PID Serval
serval:BIB_6DD578675FFE
Date de création
2018-07-24T07:22:15.343Z
Date de création dans IRIS
2025-05-21T02:04:51Z