INSTITUTO MILENIO IMPERFECCIONES DE MERCADO Y POLÍTICA PÚBLICAS

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The Journal of Financial and Quantitative Analysis to publish paper by Marcela Valenzuela

26 May, 2019

The paper “The Efficient IPO Market Hypothesis: Theory and Evidence” by Marcela Valenzuela, academic of Industrial Engineering and researcher at the MIPP Millennium Institute as well as the Center of Finance, will be published in the Journal of Financial and Quantitative Analysis.

The paper seeks to understand the excessive initial returns that have been reported in the Initial Public Offerings (IPO) literature, and is co-authored by Kevin R. James (LSE).

“We propose a theoretical model that explains the main characteristics of the variation both in time and in the cross-section of the average initial returns of the IPO” Valenzuela says, adding that the main conclusion of the paper is that the IPO market is efficient.

Congratulations!

Source: Industrial Engineering, U. of Chile

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