摘要：This study documents that information production in the pre-market attracts morepotential information producers in the after-market for IPOs. The potential information producersexamined were all-star analysts by the end of the first year after the IPO, number of analysts, andnumber of institutional investors by the end of immediate quarter after the IPO. The results showthat information production in the pre-market, proxied by the absolute price update from themid-file price to offer price, is positively and statistically significantly correlated with number ofanalysts and number of institutional investors in the after-market. All-star analyst coverage is notstatistically significantly correlated with information production in the pre-market.
关键词：price update; information production; initial public offerings
