Date of Award
Doctor of Philosophy (PhD)
Internet related firms experienced an extremely high degree of underpricing in the year 1999 and 2000; 40 percent more than underpricing of Non-Internet firms. Two explanations for this phenomenon are examined: the changing-risk composition hypothesis and overreaction hypothesis. Empirical tests are conducted in three stages: first trading day, short-term, and long-term performances. The results are consistent with both hypotheses, and the high initial returns for Internet firms are explainable by investors' overreaction and the firm's high uncertainties.
"Operating Measures, IPO Valuation, and After Market Performance-Perspective From Internet Bubble Period"
(2005). Doctor of Philosophy (PhD), dissertation, , Old Dominion University, DOI: 10.25777/6kcp-mb64