| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7192 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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