TAILIEUCHUNG - Research " Essays on the Equilibrium Valuation of IPOs and Bonds "

For decades, researchers have been puzzled by three sets of empirical results associated with the pricing of initial public o¤erings (IPOs). Besides the well-documented underpricing puzzle and hot-issue market puzzle1, severe long-run underperformance of IPOs is reported recently by Ritter (1991) and Loughran and Ritter (1995), suggesting that market ine¢ciency may be even more pervasive than previously recognized. Thus, the IPO market, albeit small in scale, has become a leading example of anomalies against the e¢cient market hypothesis (Fama 1998) | Essays on the Equilibrium Valuation of IPOs and Bonds by Kehong Wen . University of Science and Technology of China 1987 . The University of Texas at Austin 1993 A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Business Administration in the GRADUATE DIVISION of the UNIVERSITY of CALIFORNIA at BERKELEY Committee in charge Professor Mark Rubinstein Chair Professor Henry Cao Co-Chair Professor Nils Hakansson Professor Roger Craine May 2000 UMI Number 9981117 Copyright 2000 by Wen Kehong All rights reserved UMI Microform 9981117 Copyright 2000 by Bell Howell Information and Learning Company. All rights reserved. This microform edition is protected against unauthorized copying under Title 17 United States Code. Bell Howell Information and Learning Company 300 North Zeeb Road . Box 1346 Ann Arbor MI .

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