| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions | |
| François Degeorge; François Derrien; Kent L. Womack | |
| 发表日期 | 2004 |
| 出处 | Economy and Society |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The book-building procedure for selling initial public offerings to investors has captured significant market share from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing when using the auction mechanism. This paper shows that in the French market, where the frequency of book-building and auctions was about equal in the 1990s, the ostensible advantages to the issuer using book-building were advertising-related quid pro quo benefits. Specifically, we find that book-built issues were more likely to be followed and positively recommended by the lead underwriters and were also more likely to receive "booster shots" post issuance if the shares had fallen. Even non-underwriters' analysts appear to promote book-built issues more, but only when their underwriters stood to gain from acquiring shares in future issues from the recommended firm's lead underwriter. Bookbuilt issues also appeared to garner more press in general (but only after they had chosen book-building, not before). Yet, we do not observe valuation or return differentials to suggest that these types of promotion have any value to the issuing firm. We conclude that underwriters using the book-building procedure have convinced issuers of the questionable value of advertising and promotion of their shares. |
| 特色分类 | D44,D42 |
| 关键词 | Auction,IPOs |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/quid-pro-quo-in-ipos-why-book-building-is-dominating-auctions/ |
| 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/117101 |
| 推荐引用方式 GB/T 7714 | François Degeorge,François Derrien,Kent L. Womack. Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2004-150.pdf（374KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
