Leia o texto abaixo para responder à questão.From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?Sonia Falconieri, Albert Murphy and Daniel Weaver
As documented by a vast empirical literature, IPOs are
characterized by underpricing. Most of the theoretical literature has
linked the size of underpricing to the IPO procedure used on the primary
market. In this paper, by using a matched sample of NYSE and Nasdaq
IPOs, we show that the size of underpricing also depends on the trading
method used in the IPO aftermarket. There are two
major methods of opening trading of initial public offerings (IPOs) in
the U.S. The NYSE is an order-driven market ...51 a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ...52 , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ...53 idea of supply and demand away from the inside quotes.
We propose a new proxy for ex ante uncertainty of firm value
and test it. Our results show that there is a larger level of
uncertainty at the beginning of trading on Nasdaq than on the NYSE. This
in turn is associated with larger levels of underpricing for Nasdaq
IPOs. We suggest that this may be due to the different informational
efficiency of the two trading systems.(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=% 2Fmarketinfo%2Fmarketinfo.html)Os autores do texto sugerem que
a) o nível de deságio nas ofertas públicas iniciais nunca foi objeto de um estudo sério.
b) o baixo nível de deságio nas ofertas públicas iniciais na Nasdaq está relacionado à eficiência de seu método de negociação.
c) os níveis de incerteza que precedem as negociações estão associados à eficiência dos métodos de informação das diferentes Bolsas.
d) a Bolsa de Valores de Nova Iorque deveria adotar o sistema da Nasdaq para evitar altos níveis de incerteza pré-negociações.
e) os níveis de incerteza que precedem as negociações não dependem dos métodos usados no pregão noturno.