Two-Step Price Adjustments of IPO Book Building in Japan

2021 ◽  
Author(s):  
Akitoshi Ito
Keyword(s):  
Price Adjustments ◽  
Book Building

scholarly journals Price adjustments on the Johannesburg Stock Exchange for unexpected and dramatic news events: An empirical analysis

1989 ◽  
Vol 20 (3) ◽  
pp. 119-128 ◽  
Author(s):  
N. Bhana
Keyword(s):  
Empirical Analysis ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Short Term ◽  
Johannesburg Stock Exchange ◽  
Price Adjustments ◽  
Weak Evidence ◽  
News Events ◽  
One Year

The objective of this study is to determine whether companies listed on the Johannesburg Stock Exchange overreacted to unexpected favourable and unfavourable company-specific news events during the period 1970 - 1984. The JSE appears to be inefficient in reacting to the announcement of unfavourable news; economically significant abnormal returns up to one year following the event are observed. The JSE does not appear to overreact to news of a favourable nature, there is only weak evidence of short-term overreaction. The selling pressure caused by panic selling could depress prices well below levels justified by the unfavourable news. The magnitude of the overreaction to unfavourable news is sufficient to enable astute investors to outperform the market by taking positions in these securities. Knowledge of the pattern of market overreaction can also be of value to investors for transactions that are to take place anyway.

Reflections on the ‘Just Price’ in Times of Crisis (with Reference to Coronavirus … but not only)

2021 ◽  
Vol 17 (3) ◽  
pp. 285-314
Author(s):  
Emiliano Marchisio
Keyword(s):  
Main Issue ◽  
Private Firms ◽  
Eu Law ◽  
Free Markets ◽  
Price Increases ◽  
Price Adjustments ◽  
Systemic Level ◽  
Just Price ◽  
Relative Scarcity ◽  
Level Of Analysis

Abstract The debate about the ‘just price’ has ancient origin and returns forcefully to the scene when, in the event of crises of various kinds, there is a rapid and significant increase in prices of given goods or services. The main issue is whether price increases of such a nature could, or should, be considered illicit and ground the issue of sanctions against the firms increasing prices, thus focusing on a macro-systemic level of analysis. The central part of the article reviews different theories on what a ‘just price’ should be and focuses on the idea that a price is ‘just’ when it functions as an index of relative scarcity in free markets. It is claimed that such a function deserves protection by Italian and EU law. Therefore price adjustments in response to shocks cannot and should not be considered illegal: it is unacceptable to sanction private firms by attributing them the wrong of not having substituted themselves, at their own expense, for the exercise of a public function (that of making sure that price increases do not put at risk solidarity and other constitutional principles).

scholarly journals Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions

2004 ◽  
Author(s):  
Francois Degeorge ◽  
Francois Derrien ◽  
Kent L. Womack
Keyword(s):  
Book Building

scholarly journals International Real Estate Review

2008 ◽  
Vol 11 (2) ◽  
pp. 105-125
Author(s):  
Changha Jin ◽  
◽  
Terry V. Grissom ◽  
Keyword(s):  
Real Estate ◽  
Moving Average ◽  
Price Adjustments ◽  
Regional Markets ◽  
Cyclical Component ◽  
Auto Regressive ◽  
Arima Modeling ◽  
Hp Filter ◽  
Real Estate Prices ◽  
Residential Market

This paper applies the Hodrck-Prescott (HP) filter to forecast short-term residential real estate prices under cyclical movements. We separate the trend component from the cyclical component. We show that each regional residential market reacts not only to previous price movements, but also that these regional markets react to previous shocks under Auto Regressive Integrated Moving Average (ARIMA) modeling. Using the S&P Case-Shiller Home Price Index, we compare our forecast to index values from the Chicago Mercantile Exchange (CME) Housing Futures and Options. Our study identifies possible systematic errors from the different price adjustments reflecting current market situations.

scholarly journals Lumpy Price Adjustments: A Microeconometric Analysis

2006 ◽  
Author(s):  
Emmanuel Dhyne ◽  
Catherine Fuss ◽  
M. Hashem Pesaran ◽  
Patrick Sevestre
Keyword(s):  
Price Adjustments

Lost in translation: Delayed ex-dividend price adjustments of Hong Kong ADRs

2010 ◽  
Vol 34 (3) ◽  
pp. 647-655 ◽  
Author(s):  
Palani-Rajan Kadapakkam ◽  
Alex Meisami ◽  
Yilun Shi
Keyword(s):  
Hong Kong ◽  
Price Adjustments ◽  
Lost In Translation
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