Putable Common Stock

Annalisa Russino, Salvatore Cantale, Annalisa Russino

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1 Citazioni (Scopus)


The underpricing of initial public offerings is a well-documented phenomenon in the financialliterature. The purpose of this paper is to show how this empirical regularity could be solved by an appropriate choice of financing instruments, namely, by an intelligent mix of common stocks and put options. The latter additional instrument, modeled in this paper as a lump sum paid by insiders of the firm to outsiders, helps alleviate the asymmetry of information existing between insiders and outsiders of the corporation, allowing good firms to sell the package they offer at the full information value.
Lingua originaleEnglish
pagine (da-a)753-775
Numero di pagine23
RivistaJournal of Corporate Finance
Stato di pubblicazionePublished - 2004

All Science Journal Classification (ASJC) codes

  • ???subjectarea.asjc.1400.1403???
  • ???subjectarea.asjc.2000.2003???
  • ???subjectarea.asjc.2000.2002???
  • ???subjectarea.asjc.1400.1408???


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