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Douglas Beserra Pinheiro,Antonio Gledson de Carvalho
Pág. 493 - 524
During the price stabilization in IPOs the underwriter repurchases part of the issue (ASC for aftermarket short covering). Such activity raises question about its real purpose: to keep price artificially high and deceive investors, or avoid price fluctua...
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Antonio Gledson de Carvalho,Douglas Beserra Pinheiro
Pág. 443 - 468
In the most common mechanism for price stabilization in IPOs, the underwriter distributes stocks in excess of what was contracted (overallotment) and eventually covers this short naked position by purchasing stocks in the secondary market (Aftermarket sh...
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Rodrigo Andrade Tolentino,Antonio Gledson De Carvalho
Pág. 307 - 328
This article investigates the effect of the aftermarket short covering (ASC) carried out by the underwriter during the price stabilization period on long-term liquidity. For nearly 10% of the IPOs in our sample that were stabilized, the ASC represented m...
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