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Mueller, C. and Verwijmeren, P. (2026). High-end IPO prices Review of Finance.

  • Journal
    Review of Finance
View publication

Many initial public offerings (IPOs) are priced at exactly the high-end of the pricing range. Investing in IPOs priced at the high-end leads to first-day returns that are sub stantially higher than investing in IPOs that are priced just below or above the high- end. We argue that these results are in line with issuing firms settling for positively perceived salient pricing points in negotiations with underwriters.