90  3

20 Roger D. Huang and Hans R. Stoli, Major World Equity Markets: Current Structure and Prospects for
Change, Monograph Series in Finance and Economics 1991-93, New York University Salomon Center,
New York, 1991, p. 11.

2' ,     ,       ,
 .. Jay R. Ritter, The Long-Run Performance of Initial Public Offerings,
Journal of Finance, 46. no. 1 (March 1991), pp. 3-27. . : Roger G. Ibbotson, Jody L. Sindelar,
and Jay R. Ritter, Inutial Public Offerings, Journal of Applied Corporate Finance, 1, no 2 (Summer
1988), pp. 37-45.       -
  : Kevin Rock, Why New Issues Are Underpriced, Journal of Financial Economics, 15,
no. 1/2 (January/February 1986), pp. 187-212.

22 Securities and Exchange Commission, Report of Special Study on Security Markets, 1973. . :

Roger G. Ibbotson, Price Performance of Common Stock New Issues, Journal of Financial
Economics, 1, no. 3 (September 1975), pp. 235272.

23 .: Stewart . Myers nnd Nicholas S. Majluf, Corporate Financing and Investment Decisions When
Firms Have Information That Investors Do Not Have, Journal of Financial Economics, 13, no. 2
(June 1984). pp. 187-221, and Wayne H. Mikkelson and M. Megan Partch, Valuation Effects of
Security Offerings and the Issuance Process, Journal of Financial Economics, 15, no. 1/2 (January/
February 1986), pp. 31-60.

24 .: Ronald W. Masulis and Ashok N. Korwar, Seasoned Equity Offerings: An Empirical Investigation,
Journal of Financial Economics, 15, no. 1/2 (January/February 1986), pp. 91-118.

25 .: Sanjai Bhagat, M. Wayne Marr, and G. Rodney Thompson, The Rule 415 Experiment: Equity
Markets, Journal of Finance, 40, no. 5 (December 1985), pp. 1385-1401.

26      . .: Wayne H. Mikkelson and M. Megan
Partch, Stock Price Effects and Costs of Secondary Distributions, Journal of Financial Economics,
14, no. 2 (June 1985), pp. 165-194.

27      (CFTC)     1974 .  
   .      
  (MSRB)    1975 .     
 .

28 .: Hall v. Geiger-Jones Co., 242 U.S. 539 (1917).

 
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