文档介绍：IntAdvEconRes(2007)13:65–-006-9064-9UnderpricingofInitialPublicOfferings:esPublishedonline:29December2006#InternationalAtlanticEconomicSociety2007AbstractThispaperanalyzestheinitialpublicoffering(IPO)‘hotissue’marketof1987,coincidingwithaspeculativebubbleinthestockmarket,iswellexplainedbyinvestorsentimenttheoriesandthattheissuingfirmsseizeda‘windowofopportunity’,un-–2004,wefindlowerIPOunderpricingandoverallnoevidenceoflong-,-(IPO)munity,,thedebateisnow30yearsolddatingtoIbbotson(1975),whichstartedwithIbbotsonandJaffe(1975)andRitter(1984),hasbeenthestudyofIPOtiming,withthepurposeofidentifyingthereasonsbehindlargeconcentrationsofIPOsincertainperiods(hotmarkets)whileinotherperiodsIPOactivityfallssharply(coldmarkets).ThecontributionofthispaperistopresentthecaseofthePortuguesemarketinrecentyears,addingtointernationalevidenceofIPOunderpricinginemergingmarkets,beforefurtheraddingtothehot/coldmarketandinvestorsentimentdebate,(*)TechnicalUniversityofLisbon,InstitutoSuperiordeEconomiaeGestão,RuaMiguelLupi,20,1249-078Lisbon,Portugale-mail:******@;‘hotissue’marketof1986–1987,,wepresentareviewoftheliteraturewithafocusontheIPOunderpric