Abstract

QUINTANA MONTERO, DAVID  and  ISASI VINUELA, PEDRO. REVISIÓN DE PRECIOS Y REPUTACIÓN DE ASESORES FINANCIEROS: DOS PROPUESTAS DE ÍNDICES PARA EXPLICAR EL RENDIMIENTO A CORTO PLAZO DE LAS SALIDAS A BOLSA. estud.gerenc. [online]. 2005, vol.21, n.94, pp.47-64. ISSN 0123-5923.

This paper presents two new constructs to explain the yield of shares the day on which they are accepted for listing on the exchange. The first construct shows the effect of the final bidding price on the nonbinding range proposed to investors during pre-sale. The purpose of the second method is to measure the importance of the reputation of financial advisors who are responsible for taking the steps to release the shares to the stock market. The explanatory ability of each one of these alternatives is evaluated using linear regression models focused on the structure of the placement.

Keywords : Release of shares to the stock market and initial yield.

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