000			01502nam a22002537a 4500
003			ZW-GwMSU
005			20230915085634.0
008			230915b |||||||| |||| 00| 0 eng d
040			_aMSU _cMSU _erda
100			_aSIGNORI, A
245			_aShort covering and price stabilization of IPOs
264			_aNew York _bTaylor & Francis _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aApplied Economics Letters _vVolume , number ,
520			_aUnderwriters underprice Initial Public Offerings (IPOs) and often, immediately after, repurchase shares in an attempt to stabilize the price. This ancillary service is not mandatory and can be provided by underwriters in the first month of trading. Using a sample of Italian IPOs, we investigate whether the price stabilization activity is carried out when actually needed. We document that only half of the IPOs that require this service are actually stabilized after going public. The fees charged by underwriters are not informative about the provision of this ancillary activity. Rather, the underwriter's reputation is negatively associated with the stabilization activity. Negative price revisions and negative (or low) underpricing also drive the provision of price stabilization.
650			_aIPOs
650			_aunderwriters
650			_agross spread
700			_aVISMARA, S
856			_uhttps://doi.org/10.1080/13504851.2013.765536
942			_2lcc _cJA
999			_c163268 _d163268