There are some theories and explanations advanced by a great number of researchers that do not rely on asymmetric information, this theory that has been very popular among academics and practitioners for decades and that has been considered as the most relevant and convincing explanation to the short run IPO anomaly. There are some researchers that advanced other theories and they explain underpricing by other reasons, asserting symmetric information between key IPO parties. As hypothesis, all the key parties of an Initial Public Offering share the same information. We talk about informational transparency and lucidity and about IPO market efficiency.
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