Wang, Wei; Yung, Chris - In: Review of Finance 15 (2009) 2, pp. 301-325
A key distinction between some models of IPO pricing (e.g., auctions and bookbuilding) and others (e.g., fixed-priced models) is whether price discovery occurs in the primary or secondary market. Higher investment bank reputation is associated with 1) more active filing price revisions and 2)...