| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Primary Market Design: Direct Mechanisms and Markets | |
| Alex Stomper; Pegaret Pichler | |
| 发表日期 | 2004 |
| 出处 | Economy and Society |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We develop a model that allows for the coexistence of bookbuilding and when-issued trading. We show that, due to interactions between these two processes, allowing for when-issued trading is for the most part beneficial for issuers. When-issued trading may interfere with information gathering thorough bookbuilding, in the case that informative bookbuilding is not needed. However, informative bookbuilding may be a prerequisite for the when-issued market to function. In this case the existence of a liquid when-issued market will not interfere with information gathering through bookbuilding, and will strictly benefit the issuer. |
| 特色分类 | G32 |
| 关键词 | Initial public offerings,Information gathering mechanisms,When-issued trading |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/primary-market-design-direct-mechanisms-and-markets/ |
| 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/116961 |
| 推荐引用方式 GB/T 7714 | Alex Stomper,Pegaret Pichler. Primary Market Design: Direct Mechanisms and Markets. 2004. |
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