| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9070 |
| 来源ID | Working Paper 9070 |
| Institutional Allocation In Initial Public Offerings: Empirical Evidence | |
| Reena Aggarwal; Nagpurnanand R. Prabhala; Manju Puri | |
| 发表日期 | 2002-07-18 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We analyze institutional allocation in initial public offerings (IPOs) using a new dataset of US offerings between 1997 and 1998. We document a positive relationship between institutional allocation and day one IPO returns. This is partly explained by the practice of giving institutions more shares in IPOs with strong pre-market demand, consistent with book-building theories. However, institutional allocation also contains private information about first-day IPO returns not reflected in pre-market demand and other public information. Our evidence supports book-building theories of IPO underpricing, but suggests that institutional allocation in underpriced issues is in excess of that explained by book-building alone. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w9070 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566679 |
| 推荐引用方式 GB/T 7714 | Reena Aggarwal,Nagpurnanand R. Prabhala,Manju Puri. Institutional Allocation In Initial Public Offerings: Empirical Evidence. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9070.pdf（176KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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