| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2909 |
| DP2909 Risk and Intermediation in a Dual Financial Market Model | |
| PIETRO REICHLIN; Gaetano Bloise | |
| 发表日期 | 2001-08-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We estimate the structural links between IPO allocations, pre-market information production, and initial underpricing returns, within the context of theories of bookbuilding. Using a sample of both US and international IPOs we find evidence of the following: ? IPO allocation policies favour institutional investors, both in the US and worldwide. ? Increasing institutional allocations results in offer prices that deviate more from the indicative price range established prior to bankers? efforts to gauge demand among institutional investors. ? Constraints on the discretion bankers exercise in the allocation of IPO shares reduce institutional allocations. ? Constraints on allocation discretion result in smaller price revisions. We interpret this as indicative of diminished information production. ? Initial returns, which reflect a significant indirect cost of going public, are directly related to our measure of information production and inversely related to the fraction of shares allocated to institutional investors. Our results indicate that discretionary allocations promote price discovery in the IPO market and reduce issuance costs for firms attempting to go public. |
| 主题 | Financial Economics |
| 关键词 | Initial public offerings Bookbuilding Underpricing Intermediation |
| URL | https://cepr.org/publications/dp2909 |
| 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/531949 |
| 推荐引用方式 GB/T 7714 | PIETRO REICHLIN,Gaetano Bloise. DP2909 Risk and Intermediation in a Dual Financial Market Model. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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