Thomas J. Chemmanur is a Professor of Finance in the Carroll School of Management, Boston College in Chestnut Hill, MA. Karthik Krishnan is an Assistant Professor of Finance in the College of Business at Northeastern University in Boston, MA.
Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs
Version of Record online: 31 OCT 2012
© 2012 Financial Management Association International.
Volume 41, Issue 4, pages 769–811, Winter 2012
How to Cite
Chemmanur, T. J. and Krishnan, K. (2012), Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs. Financial Management, 41: 769–811. doi: 10.1111/j.1755-053X.2012.01201.x
This paper was previously circulated under the title, “Heterogeneous Beliefs, Short Sale Constraints, and the Role of the Underwriter in IPOs.” For helpful comments and discussions, we thank Douglas Cook, Iraj Fooladi, Elena Loutskina, Gang Hu, and seminar participants at Boston College, Babson College, Dalhousie University, the 2008 FIRS Conference, the 2008 European Finance Association Annual Meetings, the 2007 Financial Management Association Annual Meetings, and the 2007 Eastern Finance Association Annual Meetings. Special thanks to the Bill Christie (Editor) and an anonymous referee for helpful comments and suggestions that greatly improved the paper. Thomas Chemmanur acknowledges summer support from the Carroll School of Management at Boston College. All errors and omissions remain are own.
- Issue online: 27 NOV 2012
- Version of Record online: 31 OCT 2012
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