Secondly, we model the relationship between lockup period and IPO underpricing by extending Aggrawal’s model and proves that when the marginal information momentum induced by the IPO underpricing is large enough, lockup period could not transfer firm’s quality information effectively.
其次通过拓展Aggarwal模型建立了锁定期与IPO抑价的关系模型,证明了当首日抑价所产生的边际信息动量效应足够大时,锁定期将不能发挥传递公司质量信息的作用,并从实证上证实了该模型的关键假设和结论。
参考来源 - 我国IPO高抑价和询价发行机制研究·2,447,543篇论文数据，部分数据来源于NoteExpress
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