G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7192
DP7192 Product Complexity, Quality of Institutions and the Pro-Trade Effect of Immigrants
Pierre-Philippe Combes; Miren LAFOURCADE
发表日期2009-03-01
出版年2009
语种英语
摘要Competition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. Although information revelation theories justify giving the underwriters influence over pricing and allocation, this creates the potential for conflicts of interest. In this clinical paper we analyse an interesting innovation that has been used in recent European IPOs whereby issuers separate the preparation and distribution roles of investment banks, and keep competitive pressure on the banks throughout the issue process. These ?competitive IPOs? allow the issuer greater control and facilitate more contingent fee structures that help to mitigate against ?bait and switch.? But unlike more radical departures from traditional bookbuilding ? such as auctions ? the competitive IPO is an incremental market-based response to potential conflicts of interest that retains many of the advantages of investment banks? active involvement in issues.
主题Financial Economics
关键词Ipo Bookrunners Syndicates Underpricing
URLhttps://cepr.org/publications/dp7192
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/536029
推荐引用方式
GB/T 7714
Pierre-Philippe Combes,Miren LAFOURCADE. DP7192 Product Complexity, Quality of Institutions and the Pro-Trade Effect of Immigrants. 2009.
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