| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4448 |
| DP4448 Investor Sentiment and Pre-Issue Markets | |
| Francesca Cornelli; Alexander Ljungqvist; David Goldreich | |
| 发表日期 | 2004-06-23 |
| 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. Book-built 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 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. |
| 主题 | Financial Economics |
| 关键词 | Ipos Book building Auctions |
| URL | https://cepr.org/publications/dp4448 |
| 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/533398 |
| 推荐引用方式 GB/T 7714 | Francesca Cornelli,Alexander Ljungqvist,David Goldreich. DP4448 Investor Sentiment and Pre-Issue Markets. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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