Matías BraunBorja Larraín2026-03-222026-03-222009https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1365689https://andeanlibrary.org/handle/123456789/50138Citaciones: 9We show that the introduction of a large asset permanently affects the prices of existing assets in a market. Using data from 254 initial public offerings (IPOs) in 22 emerging markets, we find that portfolios that covary highly with the IPO experience a decline in prices relative to other portfolios during the month of the issue. The effects are stronger when the IPO is issued in a market that is less integrated internationally and when the IPO is bigger. This evidence is consistent with the idea that shocks to asset supply have a significant effect on asset prices.enInitial public offeringAsset (computer security)Monetary economicsBusinessEmerging marketsAffect (linguistics)Financial economicsEconomicsFinancial systemarticle