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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP2513 |
DP2513 The Demand for Private Medical Insurance in the UK: A Cohort Analysis | |
Carol Propper; Hedley Rees | |
发表日期 | 2000-07-25 |
出版年 | 2000 |
语种 | 英语 |
摘要 | By 1999, close to 80% of non-US IPOs were marketed using bookbuilding methods. We study whether the recent introduction of this technology by US banks and their inclusion in non-US IPO syndicates has promoted efficiency in primary equity markets. We analyse both direct and indirect costs (associated with underpricing) using a unique dataset containing information on 2,051 initial public offerings in 61 non-US markets during the period 1992-1999. The direct costs of bookbuilding are typically twice as large as direct costs for fixed-price offers. However, bookbuilding leads to substantially less underpricing. This benefit is more pronounced when the target market includes US investors, when Us listing is sought and when US banks are part of the syndicate. |
主题 | Financial Economics |
关键词 | Bookbuilding Initial public offerings Underwriting spreads |
URL | https://cepr.org/publications/dp2513 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531588 |
推荐引用方式 GB/T 7714 | Carol Propper,Hedley Rees. DP2513 The Demand for Private Medical Insurance in the UK: A Cohort Analysis. 2000. |
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