| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| IPO Pricing with Bookbuilding and a When-Issued Market | |
| Alex Stomper; Wolfgang Aussenegg; Pegaret Pichler | |
| 发表日期 | 2004 |
| 出处 | Economy and Society |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once price ranges are set, when-issued trading commences and indicates how IPOs should be priced in the primary market. However, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding. |
| 特色分类 | G32 |
| 关键词 | Initial public offerings,Bookbuilding,When-issued trading |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/ipo-pricing-with-bookbuilding-and-a-when-issued-market/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116960 |
| 推荐引用方式 GB/T 7714 | Alex Stomper,Wolfgang Aussenegg,Pegaret Pichler. IPO Pricing with Bookbuilding and a When-Issued Market. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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