| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2848
|
| DP2848 The Real Interest rate Gap as an Inflation Indicator |
| Katharine Neiss; Edward Nelson
|
| 发表日期 | 2001-06-18
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | When using a formal bookbuilding procedure, underwriters observe
the demand curves of investors as stated in the ?book? prior to
pricing shares in an equity issue. The purpose of this Paper is to
examine whether the investment bank uses the information in the
book when setting the issue price, and whether this information can
help predict subsequent secondary aftermarket prices. We examine
the details of the institutional bids for shares for a sample of
63 international equity issues. We find that the issue price is
closely related to the limit prices submitted by bidders. The
level of oversubscription has a smaller but significant effect.
The price primarily reflects the information in the price
contingent bids of certain bidder types, such as large bidders and
frequent bidders. Aftermarket returns in IPOs are positively
correlated with oversubscription and elasticity of the demand. |
| 主题 | Financial Economics
|
| 关键词 | Bookbuilding
Ipos
Equity issues
|
| URL | https://cepr.org/publications/dp2848
|
| 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/531892
|
推荐引用方式
GB/T 7714 |
Katharine Neiss,Edward Nelson. DP2848 The Real Interest rate Gap as an Inflation Indicator. 2001.
|
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